Financial Accounting

1. The dividend that a corporation pays on its common stock must be ______ the d

1. The dividend that a corporation pays on its common stock must be ______ the dividend that it pays on its preferred stock. a)Greater than b)Less than c)Equal to d)The dividend o…

1. The economic staff of the U.S. Department of the Treasury has been asked to r

1. The economic staff of the U.S. Department of the Treasury has been asked to recommend a new tax policy concerning the treatment of the foreign earnings of U.S. firms. Currently…

1. The effective portion of a loss associated with a change in fair value of a d

1. The effective portion of a loss associated with a change in fair value of a derivative instrument should be reported as a component of other comprehensive income only if the de…

1. The employer records deductions from the employee\'s paycheck: a) as debits t

1. The employer records deductions from the employee's paycheck: a) as debits to expense accounts b) as credits to liability accounts until paid c) as debits to asset accounts unt…

1. The employer will match the employee\'s social security and medicare contribu

1.The employer will match the employee's social security and medicare contribution. 2.The taxable earnings column of a payroll register shows the actual tax. 3.Overtime is always …

1. The entry to record a merchandise purchase of $6,000, with terms of 2/10, n/3

1. The entry to record a merchandise purchase of $6,000, with terms of 2/10, n/30, using a periodic inventory system would include a A) credit to Accounts Receivable for $6,000. B…

1. The equipment is made up of the following purchases: 8/1/2009 $3,800 4/1/2010

1. The equipment is made up of the following purchases: 8/1/2009 $3,800 4/1/2010 $3,500 2. The buildings were purchased on 7/1/09 3. Depreciation is recorded using straight line a…

1. The equipment is made up of the following purchases: 8/1/2009 $3,800 4/1/2010

1. The equipment is made up of the following purchases: 8/1/2009 $3,800 4/1/2010 $3,500 2. The buildings were purchased on 7/1/09 3. Depreciation is recorded using straight line a…

1. The estimated total factory overhead cost and total machine hours for Departm

1. The estimated total factory overhead cost and total machine hours for Department 40 for the current year are $250,000 and 56,250, respectively. During January, the first month …

1. The executive branch of government can create laws without the permission of

1. The executive branch of government can create laws without the permission of the legislative and judicial branches. True/ False Explanation: 2. The judicial branch of governmen…

1. The expected average rate of return for a proposed investment of $765,000 in

1. The expected average rate of return for a proposed investment of $765,000 in a fixed asset, with a useful life of four years, straight-line depreciation, no residual value, and…

1. The financial staff at Exotic Foods Inc., a food importer, wholesaler, and di

1.    The financial staff at Exotic Foods Inc., a food importer, wholesaler, and distributor, has estimated the following sales figures for the first half of 2018: Month Sales Oth…

1. The financial statements using FIFO of Grady Companyfor 2016 and 2017 appear

1. The financial statements using FIFO of Grady Companyfor 2016 and 2017 appear below: Dec 31, 2017 Dec 31,2016 Cash Receivables Inventories (FIFO) Other Assets 510,000 12,000 21,…

1. The financial statements using FIFO of Grady Companyfor 2016 and 2017 appear

1. The financial statements using FIFO of Grady Companyfor 2016 and 2017 appear below: Dec 31, 2017 Dec 31,2016 Cash Receivables Inventories (FIFO) Other Assets 510,000 12,000 21,…

1. The firm borrowed $25,000 for working capital purposes; a short-term note was

1. The firm borrowed $25,000 for working capital purposes; a short-term note was signed. 2. Owners invested S100,000 cash into the company. 3. A building was purchased for $250,00…

1. The first quarter resulted in a $124,000 loss before taxes. During the second

1. The first quarter resulted in a $124,000 loss before taxes. During the second quarter, sales were $1,234,000; purchases were $684,000; and operating expenses were $354,000 2. C…

1. The focus of financial accounting is on an organization\'s projects, processe

1. The focus of financial accounting is on an organization's projects, processes, and subdivisions, and the focus of managerial accounting is on the whole organization. True False…

1. The following account appears in the ledger after only part of the postings h

1. The following account appears in the ledger after only part of the postings have been completed for March, the first month of the current fiscal year: Balance, MarchI Direct ma…

1. The following activities were caused from dealing with Mace company, one of y

1. The following activities were caused from dealing with Mace company, one of your major suppliers. Activity Costs Purchase price $1,000 Billing costs 100 Inspection costs 250 La…

1. The following amounts were taken from the financial statements of Plant Compa

1. The following amounts were taken from the financial statements of Plant Company: 2012 Total assets $1,000,000, Net asles $650,000,Gross profit 320,000, Net Income 117,000, Weig…

1. The following assets are included in Diamond Auto Parts, Inc.\'s December 31,

1. The following assets are included in Diamond Auto Parts, Inc.'s December 31, 2007 balance sheet. Accounts Receivable (net of Allowance for Uncollectible Accounts) $50,000 Accum…

1. The following balance sheet information (in $ millions) comes from the Annual

1. The following balance sheet information (in $ millions) comes from the Annual Report to Shareholders of Marriott International Inc. for the 2008 fiscal year. (Certain amounts h…

1. The following characteristics belong to job costing? A. Costs are accumulated

1. The following characteristics belong to job costing? A. Costs are accumulated by the job, product or service is unique. B. Product or service is unique and mass production.----…

1. The following cost data pertain to the operations of Rademaker Department Sto

1. The following cost data pertain to the operations of Rademaker Department Stores, Inc., for the month of March.   Corporate headquarters building lease $87,600   Cosmetics Depa…

1. The following costs relate to a variety of decision settings Cost e overhead

1. The following costs relate to a variety of decision settings Cost e overhead rtment 1. Allocated c 2. Cost of an old car 3. Direct materials 4.Salary of marketing manager Closi…

1. The following costs were incurred in September: Direct materials $44,200 Dire

1. The following costs were incurred in September: Direct materials $44,200 Direct labor $31,800 Manufacturing overhead $25,200 Selling expenses $22,100 Administrative expenses $3…

1. The following data (in thousands) are taken from recent financial statements

1. The following data (in thousands) are taken from recent financial statements for Sears: As of 12/31/2017 Current Assets: $ 3,812,000 $ 4,996,00 Current Liabilities: $ 4,915,000…

1. The following data are for the month of July for of boots Sales (in units Pri

1. The following data are for the month of July for of boots Sales (in units Price per wit 562 Variable Cost per unit Total Fixed Costs $135.000 answer) is the company's flexitble…

1. The following data are taken from the financial statements of McKee Technolog

1. The following data are taken from the financial statements of McKee Technology Inc. Terms of all sales are 2/10, n/60. 2010 2009 2008 account receivable end of the year $147,50…

1. The following data came from the financial statements of Ryerson Corp. for 20

1. The following data came from the financial statements of Ryerson Corp. for 2013 and 2012. Required: Required: Calculate Ryerson's dividend payout ratio for 2013 (in percentage …

1. The following data has been taken from the accounting records of Curtis Manuf

1. The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Required: Compute the amount of raw materials moved into pro…

1. The following data have been gathered for a capital investment decision. Cash

1.     The following data have been gathered for a capital investment decision. Cash inflows: Year 1 $50,000 Year 2 60,000 Year 3 40,000 Year 4 50,000 Year 5 40,000 The minimum ra…

1. The following data have been recorded for recently completed Job 501 on its j

1. The following data have been recorded for recently completed Job 501 on its job cost sheet. Direct materials cost was $3,067. A total of 30 direct labor-hours and 104 machine-h…

1. The following data is given for the Stringer Company: Budgeted production 26,

1. The following data is given for the Stringer Company: Budgeted production 26,000 units Actual production 27,500 units Materials:   Standard price per ounce $6.50   Standard oun…

1. The following data pertain to an investment project: Investment required $2,3

1. The following data pertain to an investment project: Investment required $2,300,056 Annual savings $451,700 Life of project 15 years The internal rate of return for this projec…

1. The following data refers to the Daniels division of Tippett Inc. Daniels sel

1. The following data refers to the Daniels division of Tippett Inc. Daniels sells variablespeed drills. The standard drill sells for $ 40, and Daniels plans to sell 30,000 units …

1. The following events occurred last year at Dorder Corporation: Based on the a

1. The following events occurred last year at Dorder Corporation: Based on the above information, the cash provided (used) by investing activities for the year on the statement of…

1. The following financial statement data pertains to Halsey, Inc Total Assets $

1. The following financial statement data pertains to Halsey, Inc Total Assets $195,245 Interest-Bearing Debt $85,680 Average borrowing cost 11.25% Common Equity: Book Value $42,1…

1. The following information describes a company’s usage of direct labor in a re

1. The following information describes a company’s usage of direct labor in a recent period. The total direct labor cost variance is: Actual hours used 45,000 Actual rate per hour…

1. The following information for five products (A-E) was taken from the inventor

1. The following information for five products (A-E) was taken from the inventory records of the Walker Company: Product # of Units Unit cost Replacement cost per unit Net realiza…

1. The following information is available for a company\'s cost of sales over th

1. The following information is available for a company's cost of sales over the last five months. Using the high-low method, the estimated variable cost of sales per unit sold is…

1. The following information is available: For 2016, the cash flow from assets i

1. The following information is available: For 2016, the cash flow from assets is _____ and the cash flow to stockholders is ______. A. $5,600; $300 B. $5,600; $15,100 C. $5,600; …

1. The following information is for employee Mary Ryan for the week ended March

1. The following information is for employee Mary Ryan for the week ended March 15. Total year-to-date earnings as of March 8: $6,400 Total hours worked: 46 Rate: $20 per hour wit…

1. The following information pertains to Yap Company\'s Grinding Department for

1. The following information pertains to Yap Company's Grinding Department for the month of April: Units Materials Costs Beginning work in process 19,000 $11,500 Started in April …

1. The following information pertains to Yap Company\'s Grinding Department for

1. The following information pertains to Yap Company's Grinding Department for the month of April: Units Materials Costs Beginning work in process 19,000 $11,500 Started in April …

1. The following information relates to Perry Corporation for the year ended Dec

1. The following information relates to Perry Corporation for the year ended December 31, 2011: Common stock outstanding 75,000 shares Income from continuing operations $1,523,200…

1. The following information relates to next year\'s projected operating results

1. The following information relates to next year's projected operating results of the Consumer Division of Nampa Corporation:    Contribution margin $1,800,000 Fixed expenses    …

1. The following information was available from the inventory records of Crane C

1. The following information was available from the inventory records of Crane Company for January: Units Unit Cost Total Cost Balance at January 1 5000 $9.10 $45,500 Purchases: J…

1. The following information was available from the inventory records of Crane C

1. The following information was available from the inventory records of Crane Company for January: Units Unit Cost Total Cost Balance at January 1 5000 $9.10 $45,500 Purchases: J…

1. The following information was available from the inventory records of Swifty

1. The following information was available from the inventory records of Swifty Corporation for January: Units Unit Cost Total Cost Balance at January 1 9000 $9.10 $81900 Purchase…