83.A corporation has   a. no tax liability. b. a limited existence. c. unlimited liability. d. government regulations.       84.Par value   a. is the legal capital established for a share of stock. b. represents what a share of stock is worth. c. represents the original selling price for a share of stock. d. is established for a share of stock after it […]

  11) What are five features of a just-in-time manufacturing system?   Objective 20.7   1) Traditional normal and standard costing systems use: A) backflush costing B) delayed costing C) post-deduct costing D) sequential tracking   2) A costing system that omits recording some or all of the journal entries relating to the cycle from purchase of direct materials to the sale of finished goods […]

  143.The following information is available for some of Branson’s segments (all amounts are in millions):   North AmericaAsiaCentral America Segment sales$5,190 $750$2,350 Segment operating income1,4942731,127 Segment average assets4,7005411,382 a. Determine the segment return on assets for each geographic segment. b. Comment on the results. How do the segments compare with respect to profitability?       a.   144.The Stapleton Company uses special journals for […]

  170. Use the following income statement and information about selected current assets and current liabilities for Kimberline Industries to calculate the net cash provided or used by operating activities using the indirect method.    KIMBERLINE INDUSTRIES Income Statement For Year Ended December 31, 2015 Sales……………………….   $280,000 Cost of goods sold……………….   124,000 Gross profit from sales…………….   $156,000 Operating expenses:         Salaries […]

  51.Justin Company has total assets, liabilities, and shareholders’ equity of $36,000, $15,000, and $21,000, respectively, at the beginning of 2010. At the end of 2010, total assets, liabilities, and shareholders’ equity were reported at $32,000, $13,000, and $19,000, respectively.How much additional debt can Justin Company incur and still have its debt/equity ratio remain less than or equal to 1.00? a.$6,000 b.$25,000 c.$12,000 d.$24,000 52.    […]

    61. A firm classifies liabilities which fall due within the operating cycle, usually one year, as  A. a current liability. B. a long-term liability. C. a noncurrent asset. D. part of shareholders’ equity. E. a contingent liability.   62. In return for promising to make future payments, a firm receives cash or other assets with a measurable cash-equivalent value. The firm records a long-term liability for that amount and the […]

  91. During 2010, a company purchased a mine at a cost of $3,000,000. The company spent an additional $600,000 getting the mine ready for its intended use. It is estimated that 300,000 tons of mineral can be removed from the mine and the residual value of the mine will be $600,000. During 2010, 45,000 tons of mineral were removed from the mine and 35,000 tons […]

    81. Below is budgeted production and sales information for Flushing Company for the month of December:    Product XXX Product ZZZ Estimated beginning inventory   30,000 units   18,000 units Desired ending inventory   34,000 units   17,000 units Region I, anticipated sales 320,000 units 260,000 units Region II, anticipated sales 180,000 units 140,000 units       The unit selling price for product XXX is $6 and […]

  1) The caption “Net sales” in a multi-step income statement is different if a business uses the periodic instead of the perpetual inventory system.   2) Net purchases caption on the multi-step income statement is calculated by subtracting purchase discounts and purchase returns and allowances from purchases.   3) Inventory and cost of goods sold for a business using the periodic inventory system appear […]

    101.Component percentages indicate the relative size of each item included in a total. Which of the following statements is true?    A.Income statement items are expressed as a percentage of net income, while balance sheet items are expressed as a percentage of total assets.   B.Income statement items are expressed as a percentage of net sales, while balance sheet items are expressed as a […]