The entry to record the equal distribution of net income between two partners consists of a debit to: a.) income summary and a credit to each partner’s capital account.
1.) The entry to record the equal distribution of net income between two partners consists of a debit to:
a.) income summary and a credit to each partner’s capital account.
b.) each partner’s capital account and a credit to cash.
c.) income summary and a credit to each partner’s drawing account.
d.) each partner’s capital account and a credit to income summary.
2.) A corporation has 2,000 shares of 10 percent, $50 par-value preferred (nonparticipating and noncumulative) stock and 20,000 shares of $5 par-value common stock outstanding. If the board of directors decides to distribute dividends totaling $150,000, the common stockholders will receive a dividend of ________ a share.
a.) $7.00
b.) $7.50
c.) $8.00
d.) $10.00
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Order Paper Now3.) The entry to record the issuance of bonds at face value includes a:
a.) credit to bond interest payable.
b.) credit to bond payable.
c.) debit to bond interest expense.
d.) debit to bond interest payable.
4.) A firm purchased 50 units of materials with a unit price of $1.30 on June 1. On June 15, the firm purchased 50 units with a unit price of $1.20. If the firm uses the LIFO method of inventory pricing, the total cost of 65 units issued on June 20 would be:
a.) $83.00
b.) $79.50
c.) $78.00
d.) $84.50
5.) A firm had a beginning work in process inventory totaling $4,000 and current period costs of $22,500. Equivalent production was 5,000 units, and 3,000 units were completed and transferred to the finished goods inventory . Inventory costs would be a determined using unit cost of:
a.) $8.83
b.) $5.30
c.) $4.50
d.) $7.50
6.) A general consensus of analysts is that a typical investor should have _______ to ______ percent of his/her portfolio in international markets.
a.) 5; 10
b.) 10; 20
c.) 20; 30
d.) 30;40
7.) When analyzing stocks, the major variable of interest to a majority of investors is:
a.) sales.
b.) profit margins.
c.) dividend yield.
d.) earnings per share.
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