161. Assume that Growley Co. sold 8,000 units of Product A and 2,000 units of Product B during the past year. The unit contribution margins for Products A and B are $30 and $60 respectively. Growley has fixed costs of $378,000. The break-even point in units is: A. 8,000 unitsB. 6,300 unitsC. 12,600 unitsD. 10,500 units 162. Shipley Co. sells two products, Orks and Zins. Last year Shipley sold 14,000 units […]
Multiple Choice 54. The revenue recognition principle states that: a. Revenue should be recognized in the period the cash is received. b. Revenue should be recognized in the period earned. c. Revenue should be recognized in the balance sheet. d. Revenue is a component of common stock. 55. The matching principle is the principle that states: a. All costs that […]
21) Plaza Corporation issued $350,000 of 8%, 10-year bonds for 102. The entry to record the issuance of the bonds includes a: A) debit to Discount on Bonds Payable for $7,000. B) credit to Bonds Payable for $343,000. C) debit to Bonds Payable for $350,000. D) credit to Premium on Bonds Payable for $7,000. 22) On October 1, Allan Company issued 8%, 10-year, $300,000 […]
81. A company has 1,000 shares of $50 par value, 4.5% cumulative and nonparticipating preferred stock and 10,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $1,000 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is: A. $1,000B. $1,250C. $2,250D. $3,500E. $4,500 […]
151. If title to merchandise purchases passes to the buyer when the goods are delivered to the buyer, the terms are A. consigned B. n/30 C. FOB shipping point D. FOB destination 152. If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are A. n/30 B. FOB shipping point C. FOB destination D. consigned 153. If the merchandise costs $5,000, insurance in […]
51. Which of the following is not a generally accepted accounting principle relating to the valuation of assets? A. The cost principle – in general, assets are valued at cost, rather than at estimated market values. B. The objectivity principle – accountants prefer to use objective, rather than subjective, information as the basis for accounting information. C. The safety principle – assets are valued at no more […]
81. The current ratio equals A. current assets plus current liabilities B. current assets minus current liabilities C. current assets multiplied by current liabilities D. current assets divided by current liabilities E. current liabilities minus current assets 82. The current ratio indicates a firm’s ability to meet its short-term obligations. Analysts prefer a current ratio that at least exceeds A. .5 B. 1.0 C. 2.0 D. 3.0 E. 4.0 83. How can […]
41. Participating preferred stockholders A. receive dividends only after common stockholders have been paid dividends. B. receive preference dividend amounts as well as a share of other dividends paid. C. receive cumulative dividends if dividends are passed in previous years. D. give up their voting rights in exchange for dividend preferences. 42. A corporation has 1,000 shares of 10 percent, $50 par-value preferred stock and 10,000 shares of $5 par-value […]
51) Bressler Company sells its products for $33 each. The current production level is 50,000 units, although only 40,000 units are anticipated to be sold. Unit manufacturing costs are: Direct materials $6.00 Direct manufacturing labor $9.00 Variable manufacturing costs $4.50 Total fixed manufacturing costs$180,000 Marketing expenses $3.00 per unit, plus $60,000 per year Required: a.Prepare an income statement using absorption costing. b.Prepare […]
225. Journalize the following transactions assuming a perpetual inventory system.: May 5 Purchased merchandise from Archie Co., $6,000, terms FOB shipping point, 2/10, n/30. Prepaid freight costs of $100 were added to the invoice. May 12 Issued a debit memo to Archie Co., for $2,500 of merchandise returned from purchase on May 5th. May 14 Paid Archie Co. for invoice of May 5, less […]
Week Four Discussion Board Thread Instructions
$12 Summaries
With each word being worth 10 cents, write four $12 summaries of the reading from any four of the following chapters in Everyday Bible Study:
This means that in this assignment you are developing four summaries of 120 words each (one for each of the four chapters you selected). You should aim to create four summaries where each summary is between 100-120 words. Each of your summaries should not exceed the 120-word or $12 limit. For an example of this type of thread, please see the provided example in the Course Content folder.
Week Five Discussion Board Response Post Instructions
Once you have completed the necessary textbook reading in Everyday Bible Study, select two threads you wish to reply to and address your classmates' thoughts and ideas. The goal of these two posts is to build on the material provided by your classmates. Thus, responses that simply affirm the thread material are not sufficient. The content of each reply must reflect an excellent knowledge of the textbook reading and interact with both the thread and relevant chapter material. You must support your thoughts and ideas by implementing at least one significant quote from Everyday Bible Study. Each response post should be at least 200 words in length.
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