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Temporary investments A.are reported as current assets B.include cash equivalents C.do not include equity securities D.all of the above
Which of the following is not a part of comprehensive income? Answer foreign currency items restructuring charges unrealized gains and losses pension liability adjustments
Jacks Corporation purchases $200,000 bonds plus accrued interest for 2 months of $2,000 from Kennedy Company on March 1. The bonds have an annual interest rate of 6% payable on June 30 and December
When long-term investments in bonds are sold before their maturity date, the seller deducts any accrued interest since the last interest payment date from the selling price. A.True B.Fals
Ruben Company purchased $100,000 of Evans Company bonds at 100 plus $1,500 in accrued interest. The bond interest rate is 8% and interest is paid semi-annually. The journal entry to record the rece
Available-for-sale securities are securities that management expects to sell in the future, but are not actively traded for profit. A.True B.False
On April 1, 2011, Albert Company purchased $50,000 of Tetter Company's 12% bonds at 100 plus accrued interest of $2,000. On June 30, 2011, Albert received its first semiannual interest. On February
Samuels, Inc. reported net income for 2011 is $105,000. During 2011 the company had 5,000 shares of $100 par, 5% preferred stock and 20,000 of $5 par common stock outstanding. Samuels' earnings per
Using the cost formula you derived above, what X-ray costs would you expect to be incurred during a month in which 4,950 X-rays are taken?
Recording federal income tax transactions and cash dividend transactions. Selected transactions of Divad Corporation during 2013 follow. Record them in the general journal. Analyze: What annual per
On April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of $50 par preferred stock were issued at $104. Journalize the entries for April 1 and 7. For a c
On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending, December 31, McGuire earned income of $48,000 and paid dividends of $14,000.
Solar Company has 600,000 shares of $75 par common stock outstanding. On February 13, Solar declared a 3% stock dividend to be issued April 30 to stockholders of record on March 14. The market pric
Treasury stock shares are a. issued shares that have been reacquired by a corporation b. part of the total outstanding shares but not part of the total issued shares of a corporation c. unissued s
The equity method of accounting for investments a. requires a year-end adjustment to revalue the stock to lower of cost or market b. requires the investment to be reported at its original cost c.
A company had stock outstanding as follows during each of its first three years of operations: 2,500 shares of $10, $100 par, cumulative preferred stock and 50,000 shares of $10 par common stock. T
The following information relates to Vice Versa Ventures for calendar year 20XX, the company's first year of operations: Units produced 20,000 Units sold 15,000 Selling price per unit $30 Direct
Cypress Oil Company's December 31, 2013, balance sheet listed $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes recei
A Corporation uses a predetermined overhead rate of $23.90 per direct labor hour. This predetermined rate was based on a cost formula that estmated $286,8000 of total manufacturing overhead for an
A company's predetermined overhead rate is $19.00 per direct labor hour and its direct labor wage rate is $16.00 per hour. Job A100 direct maerials cost is $280 and Direct Labor $240. 1. What is t
A standard costing system is the traditionally used costing system. It has two main purposes: cost control and product costing. Standard costs are determined by accountants working together with oth
During the period, labor costs incurred on account amounted to $250,000 including $200,000 for production orders and $50,000 for general factory use. In addition, factory overhead applied to produc
Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter: Balance Job 356 $ 450
Joe makes $40,000 per year as an exempt employee. She worked 25 hours of overtime in the month of March. Payday for wages earned in the month of March is April 7. Ignoring Federal and State income
There are usually no costs for the first 3 years, but thereafter maintenance is re- quired for restriping, weed control, light replacement, shoulder repairs, etc. For one section of a particular hi