External link to Question : 91. An employee receives an hourly rate of $40, with time : 1246520

Question : 91. An employee receives an hourly rate of $40, with time : 1246520

  91. An employee receives an hourly rate of $40, with time and a half for all hours worked in excess of 40 during a week.  Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $350; cumulative earnings for year prior to current week, $99,700; social security tax rate, 6.0% on maximum of $100,000; and Medicare tax rate, 1.5% […]

External link to Question : 21) The period end adjusting entry for bad debt expense : 1232328

Question : 21) The period end adjusting entry for bad debt expense : 1232328

  21) The period end adjusting entry for bad debt expense under the allowance method is: A) Bad Debt Expense, debit; Allowance for Uncollectible Accounts, credit. B) not required. C) Cash, debit; Accounts Receivable/customer name, credit. D) Bad Debt Expense, debit; Accounts Receivable/customer name, credit. 22) The journal entry to write off a customer’s account under the allowance method is: A) Bad Debt Expense, debit; […]

External link to Question : 11.The Securities and Exchange Commission (SEC) was established in1934 to : 1242733

Question : 11.The Securities and Exchange Commission (SEC) was established in1934 to : 1242733

  11.The Securities and Exchange Commission (SEC) was established in1934 to help regulate the U.S. securities market. Which of the following statements is true concerning the SEC? a.The SEC prohibits the sale of speculative securities. b.The SEC regulates only securities offered for public sale. c.Registration with the SEC guarantees the accuracy of the registrant’s prospectus. d.The SEC’s initial influence and authority has diminished in recent […]

External link to Question : 70.Mentor Corp. has provided the following information for the current : 1258604

Question : 70.Mentor Corp. has provided the following information for the current : 1258604

  70.Mentor Corp. has provided the following information for the current year:  Units produced3,500 units Sale price$200 per unit Direct materials$70 per unit Direct labor$55 per unit Variable manufacturing overhead$20 per unit Fixed manufacturing overhead$350,000 per year Variable selling and administrative costs$30 per unit Fixed selling and administrative costs$150,000 per year Calculate the unit product cost using variable costing.     A. $245 B. $275 C. $55 D. $145 71.Under […]

External link to Question : 98. Merchandise inventory at the end of the year was understated. : 1227177

Question : 98. Merchandise inventory at the end of the year was understated. : 1227177

    98. Merchandise inventory at the end of the year was understated.  Which of the following statements correctly states the effect of the error?  A. net income is understated B. net income is overstated C. cost of merchandise sold is understated D. merchandise inventory reported on the balance sheet is overstated   99. Merchandise inventory at the end of the year is overstated. Which of the following statements correctly states the […]

External link to Question : 62.Which of the following statements not correct? A. The Paid-in Capital in : 1169099

Question : 62.Which of the following statements not correct? A. The Paid-in Capital in : 1169099

    62.Which of the following statements is not correct?    A. The Paid-in Capital in Excess of Par Value—Common Stock account appears in the Stockholders’ Equity section of the balance sheet.   B. The Subscriptions Receivable account is shown in the Stockholders’ Equity section of the balance sheet.   C. The balance of the Common Stock account appears in the Stockholders’ Equity section of the balance sheet.   […]

External link to Question : 78.On January 1, 2013, KMR Co. issued bonds with a : 1254208

Question : 78.On January 1, 2013, KMR Co. issued bonds with a : 1254208

  78.On January 1, 2013, KMR Co. issued bonds with a face value of $100,000, a term of ten years, and a stated interest rate of 6%. The bonds were issued at 105, and interest is payable each December 31. KMR uses the straight-line method to amortize the bond discount. The carrying value of the bonds that would be reported on the December 31, 2016 […]

External link to Question : 121. Some companies choose to avoid assigning incidental costs of acquiring : 1225845

Question : 121. Some companies choose to avoid assigning incidental costs of acquiring : 1225845

  121. Some companies choose to avoid assigning incidental costs of acquiring merchandise to inventory by recording them as expenses when incurred. The argument that supports this is called:  A. The matching principle. B. The materiality constraint. C. The cost principle. D. The conservation constraint principle. E. The lower of cost or market principle. 122. All of the following statements related to goods on consignment are true except:  A. Goods on consignment are […]

External link to Question : 96. The total factory overhead for Big Light Company budgeted for : 1251757

Question : 96. The total factory overhead for Big Light Company budgeted for : 1251757

  96. The total factory overhead for Big Light Company is budgeted for the year at $380,000. Big Light manufactures two different products – night lights and desk lamps. Night lights is budgeted for 30,000 units.  Each night light requires 1/2 hour of direct labor. Desk lamps is budgeted for 40,000 units.  Each desk lamp requires 2 hours of direct labor. Determine (a) the total number […]

External link to Question : 41. Bradford Corporation reported net credit sales of $3,200,000 and cost : 1224914

Question : 41. Bradford Corporation reported net credit sales of $3,200,000 and cost : 1224914

    41. Bradford Corporation reported net credit sales of $3,200,000 and cost of goods sold of $2,600,000 for 2012. On January 1, 2012, accounts receivable was $450,000. Amounts owed by customers increased by $50,000 during 2012. Rounding to two decimal places, what is Bradford’s receivable turnover ratio for 2012? A. 5.47B. 6.40C. 6.74D. 7.11   42. The following information is available for Elson Corporation for fiscal year ending January 31, 2012. […]

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