External link to Question : 31. When using the equity method to account for an : 1255684

Question : 31. When using the equity method to account for an : 1255684

    31. When using the equity method to account for an investment, cash dividends received by the investor from the investee should be recorded: a. As a reduction in the Investments account.b. As an increase in the Investments account.c. As dividend income.d. As a contra item to stockholders’ equity.     32. The equity method of accounting for investments in voting common stock is appropriate when: a. The investor can significantly […]

External link to Question : 189.The payroll records of a company provided the following data : 1258978

Question : 189.The payroll records of a company provided the following data : 1258978

      189.The payroll records of a company provided the following data for the current weekly pay period ended March 12.  EmployeesEarningsto End ofPreviousWeek GrossPay FederalIncomeTaxes MedicalInsuranceDeductionUnionDuesUnitedWay D. Hui   $5,800   $800   $120           $35                $10              $10 B. Kim     6,850  1,100     180                           35                  10              15 C. Sly        12,900  1,440     404                           35                   10               40 Assume that the Social Security portion of the FICA taxes is 6.2% on the first $117,000 and the Medicare portion is 1.45% of all wages paid […]

External link to Question : 81. Julia Corporation purchased an insurance policy for three years beginning : 1230491

Question : 81. Julia Corporation purchased an insurance policy for three years beginning : 1230491

    81. Julia Corporation purchased an insurance policy for three years beginning January 1, Year 2, and recorded the $6,000 premium in the Prepaid Insurance account. What adjusting entry is required to reflect the proper balances, in the insurance-related accounts at year-end, on December 31, Year 2? A. Insurance Expense         2,000     Prepaid Insurance                   2,000B. Prepaid Insurance          2,000         Insurance Expense                  2,000C. Insurance Expense         4,000         Prepaid Insurance                   4,000D. Prepaid Insurance          4,000         Insurance Expense                  4,000E. Insurance Expense         6,000         Prepaid Insurance                   6,000   82. Electra Company purchased […]

External link to Question : Objective 18.7 1) When the amount of scrap immaterial, which of : 1211908

Question : Objective 18.7 1) When the amount of scrap immaterial, which of : 1211908

  Objective 18.7   1) When the amount of scrap is immaterial, which of the following is the easiest accounting entry when recording scrap sold for cash? A) Sales of Scrap Cash B) Manufacturing Overhead Control Cash C) Cash Scrap Revenues D) Sales of scrap Accounts Receivable   2) In accounting for scrap, which of the following statements is true? A) Normal scrap is accounted […]

External link to Question : 71. When bonds retired before their maturity date: A. GAAP has been violated.B. The : 1236265

Question : 71. When bonds retired before their maturity date: A. GAAP has been violated.B. The : 1236265

  71. When bonds are retired before their maturity date:  A. GAAP has been violated. B. The issuing company will always report a non-operating gain. C. The issuing company will always report a non-operating loss. D. The issuing company will report a non-operating gain or loss. 72. The Viper retires a $40 million bond issue when the carrying value of the bonds is $42 million, but the market value of the […]

External link to Question : 151. Gyro Company manufactures Products T and W and operating at : 1239542

Question : 151. Gyro Company manufactures Products T and W and operating at : 1239542

  151. Gyro Company manufactures Products T and W and is operating at full capacity. To manufacture Product W requires three times the number of machine hours required for Product T. Market research indicates that 1,000 additional units of Product W could be sold. The contribution margin by unit of product is as follows:    Product T Product W Sales price $300 $325 Variable cost of […]

External link to Question : 81. On the statement of cash flows prepared by the indirect : 1251456

Question : 81. On the statement of cash flows prepared by the indirect : 1251456

  81. On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale of investments would be   A. deducted from net income in converting the net income reported on the income statement to cash flows from operating activities B. added to net income in converting the net income reported on the income statement to cash flows from operating activities C. added to […]

External link to Question : 121. Sebring Company reports depreciation expense of $40,000 for Year 2. : 1225360

Question : 121. Sebring Company reports depreciation expense of $40,000 for Year 2. : 1225360

  121. Sebring Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $140,000 was sold for a $5,000 gain in Year 2. The following selected information is available for Sebring Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.     A. $23,000. B. $33,000. C. $28,000. D. $40,000. E. $68,000. 122. Sebring Company reports depreciation expense of $40,000 for Year 2. Also, […]

External link to Question : 131. A company declared a $0.50 per share cash dividend. The : 1225260

Question : 131. A company declared a $0.50 per share cash dividend. The : 1225260

  131. A company declared a $0.50 per share cash dividend. The company has 20,000 shares authorized, 9,000 shares issued, and 8,000 shares of common stock outstanding. The journal entry to record the dividend declaration is:  A. Debit Retained Earnings $4,000; credit Common Dividends Payable $4,000. B. Debit Common Dividends Payable $4,000; credit Cash $4,000. C. Debit Retained Earnings $4,500; credit Common Dividends Payable $4,500. D. Debit Common Dividends Payable […]

External link to Question : 13) The high-low method ________. A) measures the difference between actual : 1211737

Question : 13) The high-low method ________. A) measures the difference between actual : 1211737

  13) The high-low method ________. A) measures the difference between actual cost and estimated cost for each observation of the cost driver B) calculates the standard deviation of residuals C) calculates the slope coefficient using only two observed values within the relevant range and their respective costs D) measures how well the predicted values, y, based on the cost driver, X, match actual cost […]

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