31. Which of the following budgets allow for adjustments in activity levels? a.

Question

31. Which of the following budgets allow for adjustments in activity levels? a. static budget b. continuous budget c. zero-based budget d. flexible budget 32. Interest revenue on bonds is reported a. as an addition to the Investment in Bonds account b. as part of comprehensive income but not as part of net income e. as part of other income d. as part of operating income The following information pertains to Diane Company. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit Cash and short-term investments Accounts receivable (net) Inventory Property, plant, and equipment Total assets $ 30,000 20,000 15,000 Current liabilities Long-term liabilities Stockholders' equity-Common Total liabilities and stockholders' equity $ 45,000 70,000 5250.000 Sales Cost of goods sold Gross margin Operating expenses Interest expense Net income $40,000 (15,000) Number of shares of common stock outstanding Market price of common stock Total dividends paid Cash provided by operations 6,000 $20 $9,000 $30,000 33. What are the dividends per common share for Diane Company? a. $20.00 b.$3.00 c.$0.67 d. $1.50

Explanation / Answer

31) option (D) Flexible budget

32) option (C) as part of other income

33) option (D) $1.50

Total dividends paid = 9000

Number of shares = 6000

Dividend per common share = 9000 / 6000 = 1.5

34) option (B) deducted from net income in converting the net income reported on the income statement to cash flows from operating activities

35) option (B) 17500

Number of units expected to be manufactured in june is

Sales units + closing inventory - opening inventory

4000 + 6000 + 5500 +18000 - 16000 = 17500

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