- Which of the following is not a component of paid-in capital?A- Amounts arising from share repurchasesB- Earnings accumulated on behalf of the shareholdersC- Amounts invested by shareholders when they purchase shares of stock from the corporation
- Beamer Co. issued 50,000 shares of $0.01 par common stock for $230,000. Which of the following will Beamer Co. record as part of the journal entry for this transaction?A- Credit to Common Stock for $229,500B- Credit to Paid-In Capital—Excess of Par for $230,000C- Credit to Common Stock for $500D- Credit to Paid-In Capital—Excess of Par for $500
- Retained Earnings isA- Accumulation of all the earnings of the companyB- Accumulation of all the earnings of the company less all the dividends paid out to shareholders.C- The amount of cash invested in the companyD- A Paid in Capital account
- Ellsworth Corporation was organized on January 1, 2021. The firm was authorized to issue 150,000 shares of $1 par common stock. During 2021, Ellsworth had the following transactions relating to shareholders' equity:Issued 20,000 shares of common stock at $7 per share.Issued 20,000 shares of common stock at $8 per share.Reported a net income of $100,000.Paid dividends of $50,000.Purchased 3,000 shares of treasury stock at $10.What was total shareholders' equity at the end of 2021?A- $270,000B- $320,000C- $350,000D- $380,000
- Which operating cash flow item is converted from the income statement by an adjustment that fully offsets the amount in the income statement?
- When you are analyzing your company's financial performance, which ratio shows you the company's liquidity?
- Is unearned revenue a liability or an asset?
- What type of account is accumulated depreciation?
- If assets are recorded as debits, what are contracts assets?
- In the balance sheet Wages payable (C) will always be paired with
- _______ is an allocation base used in ABC. It measures the amount of activity that drives the cost pool
- A _______ driver is a count of how many times an activity occurs.
- A ________ driver is a measure of the amount of time that is required to perform an activity
- ABC defines 5 levels of activity that largely (do/do not) relate to the volume of products
- Direct materials is considered a fixed cost. (True/False)
- Department OH Allocation Predetermined: Cutting Dept: $5 per machine hour Gluing Dept: $2 per DL hour Actual: Machine Hours: Cutting (3) Gluing (4)DL Hours: Cutting (6) Gluing (5)
- Cost allocation involves assigning manufacturing overhead costs. (True/False)
- Which of the following is direct labor?a. CEO salaryb. Wages of factory janitorc. Wages of production supervisord. Wages of assembly line worker
- An ERP (Enterprise Resources Planning) system can be more costly than traditional systems upfront. (True/False)
- Which of the following is a direct material?a. Glueb. Depreciationc. Shipping d. Assembly worker wages