Business Communication Questions and Answers June 30, 2021

What type of auditor is employed by all types of organizations to audit for management with oversight by the board of directors, much as the GAO does for Congress? A. Internal auditors B. Internal revenue agents C. Government accountability office auditors D. External auditors

A business budgets $825.00 per employee for new computers. The business employs 75 people. What would be the total budget for computer purchases for all their employees? The company needs to upgrade the software on these computers. This will increase the computer purchase budget by 20% What is the cost of the software?

Explain in your own words the requirements to follow when completing a trust account receipt. Use the guide below, Completing receipts Agents may complete trust account receipts manually or electronically. When completing a receipt, they must include: the name of the principal agent and their license or authority numberwhich should correspond to

Healthcare decisions made on an individual basis (e.g., who gets the ICU bed when there are a limited number available) are considered a ________________________ decision A. micro allocation B. macro allocation C. non-negotiable D. unnecessary

Explain in your own words what needs to be recorded in the Cash Payments Journal (referred to as the cash book) when a payment is made by EFT or a bill payment platform such as BPAY Use the information below: Agents must record all payments from their trust account in their cash payments journal two business days after making the payment. For

The entry to journalize the conversion of a $6,300 account payable to a note payable would be a. Account Debit Credit Notes Receivable 6,300 Notes Payable 6,300 b. Account Debit Credit Cash 6,300 Notes Payable 6,300 c. Account Debit Credit Accounts Payable 6,300 Notes Payable 6,300 d. Account Debit Credit Notes Payable 6,300 Cash 6,300

A taxpayer acquires a $60,000 Land Rover (weighing 7,000 pounds) in 2020 for use in their trade or business. The car is bonus eligible and the taxpayer does not elect out of bonus depreciation. The applicable convention is half-year and the automobile is used 90% for business. What is the 2020 depreciation deduction? Show your working.

A licensed broker managing property as an owner's agent A. Must not profit from private contracts at the expense of the owner B. May manage the client's property to the advantage of the manager C. May not collect rents for the owner D. Need not maintain complete trust account records

The coverage afforded by an owner's title insurance policy A. Increases over time to keep up with inflation B. Decreases over time to track the loan balance C. Remains fixed over the time of ownership D. Terminates when the property is resold later

Lena owns a widget factory with an adjusted basis of $200,000. In 2019, her factory was destroyed by an earthquake. Lena receives $250,000 in insurance proceeds. Lena uses all $250,000 of those proceeds to purchase a new widget factory. If Lena makes a valid Section 1033 election, how much gain will she have to recognize?

The indicated value of an income property may be estimated by A. Dividing the annual net operating income by the cap rate B. Dividing the gross rent multiplier by the cap rate C. Multiplying the gross rent multiplier by the cap rate D. Multiplying the annual net operating income by the cap rate

If $538,000 of 8% bonds are issued at 95, the amount of cash received from the sale is a. $581,040 b. $511,100 c. $538,000 d. $494,960 The entry used to journalize the issuance of a discounted note to borrow funds for the business is a. debit Accounts Payable and credit Notes Payable b. debit Cash and Interest Expense and credit Notes Payable c.

The primary purpose of the security deposit is to A. Provide additional revenue for the landlord B. Repair damage to the property caused by the tenant C. Pay for the last month's rent D. Pay for the first and last month's rent

A vertical analysis of a balance sheet shows that current assets have increased from 42% to 56%. This means that A. the dollar amount of total assets has increased. B. the dollar amount of long-term assets has increased. C. the dollar amount of total assets has decreased. D. current assets have increased as a percentage of total assets.

How can banking services available via the Internet help companies make employee payments? a. By providing electronic means to guarantee the authenticity of an employee. b. Any employee can check their transaction history. c. Reducing the paper used in reporting the balances of accounts. d. By allowing transferring funds from a desktop office

The journal entry a company uses for the interest payment and amortization of bond premiums would include a a. debit to Interest Expense and a credit to Cash and Premium on Bonds Payable b. debit to Interest Expense and Premium on Bonds Payable and a credit to Cash c. debit to Interest Expense and a credit to Cash d. debit to Interest Expense and

Michelle acquired an oil well for $500,000. The estimate of recoverable units is 25,000 barrels. The expected useful life of the well is 6 years. Michelle produces 5,000 barrels during the year and sells 4,000 barrels for $200,000. The taxable income from the activity, excluding the depletion deduction, is $40,000. The depletion percentage for oil

Shimmy Shakers Incorporated (SSI) is a mobile dance studio and disc jockey focusing on the 55+ demographic. It can go from its various venues, typically nursing homes and community centres, with minimal setup time and costs. SSI has seen tremendous growth over the past 18 months and recently performed a system acquisition to assist in its rapid

Jennifer purchases an office building and land to use in her trade or business for $2,000,000. $1,500,000 of the purchase price relates to the building and $500,000 of the purchase price relates to the land. If Jennifer is a calendar year taxpayer and places the office building into service on March 1st, 2019, what is her depreciation deduction

The Lego Republic is a small country consisting of 4 states: Pure (population 3,310,000), Barnes (pop 2,670,000), Calibo (pop 1,330,000), and Detour (pop 690,000). Suppose there are 160 seats to apportion. Find the standard divisor. A. 2,000,000 B. 50,000 C. 100,000 D. 20,000

Ackie exchanges Black acre (land) for White acre (land) and $10,000 cash. Both pieces of real estate will be used by Jackie in a trade or business. Black Acre's FMV is $300,000 and its adjusted basis is $200,000. White Acre's FMV is $290,000. What is Jackie's Realized Gain?

On January 1, 2022, an S Corp redeems all of the stock of Yolanda, a 25% shareholder, with a distribution of property with a fair market value of $250,000 and an adjusted basis of $150,000. The corporation has never been a C corp. Assume the distribution qualifies as a redemption under Section 302. The rest of the stock is owned by Andy. Assume:

As a result of getting a new job in California, Mark sells his house in Champaign, IL for $400,000. Mark had purchased the house 12 months ago for $200,000. For the entire 12 months that Mark owned the house, he used it as his principal residence. How much of the $200,000 realized gain will Mark be required to recognize on his tax return?

Liberty Ltd owns a chemical plant. The plant was completed on January 1, 2029, at a construction cost of 20 million, and it is expected to have a useful life of 20 years. The asset is depreciation on a straight-line basis. Management estimates Liberty to dismantle the plant and clean up the site at the end of its useful life. The estimated cost of

The book value of Astoria Company is $5,000. Total assets are $8,000. Residual income one year from now will be $20. Residual income is expected to grow at 3.5% annually, forever. Using the residual income valuation, If the required return is 20%, what is the value of Astoria? Round your answer to the nearest dollar

What kind of relationship prevails between international law and national law in practice? a. A moderate dualism in which international law applies only if it is recognized by national law, as a rule of domestic law. b. A radical monism in which international law has absolute primacy over any rule of law. c. A relationship of total dependence,

How much is the refundable portion of the child tax credit for a taxpayer with one or two eligible children? a. The greater of $2,000 per child or 15 percent of the taxpayer's earned income over $1,500 b. The lesser of $1,500 per child or 15 percent of the taxpayer's earned income over $2,500 c. The greater of $1,500 per child or 15 percent of the

Pam Accounting Pty Ltd is a private family company receiving $ 150,000 per year for fees for providing accounting compliance services. All the accounting services are provided by Pam in her roles as director and employee of the company. Pam's husband Greg is also an employee and performs secretarial works such as answering phones Pam is paid a

Find the two elements in the series circuit, given that the current and total voltage are i 10 sin (5000t 23.13deg) A u 50 sin (5000t 30deg ) V

Jennifer enters into a sales contract with Rex whereby Jennifer will sell Rex her property for $100,000. After the contract is signed, Jennifer takes a two-week vacation and does not worry about getting things done in the contract because in residential transactions extensions can be obtained if the time periods indicated are not followed.

Which dependent must file a 2022 California income tax return? A. Jackson age is an unmarried dependent of another taxpayer. His California gross income is $1,600 and his California adjusted gross income (AGI) is $1,600 (all from interest). B. Levi is an unmarried dependent of another taxpayer. His California gross income is $1,300 and his

Why get Quickbooks Certified? Using Google, search on the necessity or importance of Quickbooks Certification Discuss why (or why not) you believe that Quickbooks Certification would help your resume in obtaining a bookkeeping job.

Salsa Company's equity accounts consist of capital stock of $1,500,000 and retained earnings of $400,000. Prance Company pays $9,000,000 for all the voting stock of Salsa Company. The fair value of Salsa's identifiable net assets is $4,000,000 higher than the book value. If Salsa uses pushdown accounting, what is Salsa's credit to Pushdown

Marcus and Lana enter into a real estate sales contract for the purchase of Marcus' property. Lana received a large inheritance and will pay all cash for the real estate. Because the property is located in a subdivision, Lana has elected not to obtain a policy of title insurance, and therefore, a title company is not involved in the transaction to

Maria and Patrick allowed their son Mike to move into their vacation home and pay rent of $500 per month. Since Mike is family, Patrick and Maria do not have him sign a written lease, but they verbally agree that the term will be for one year. The tenancy created between Maria, Patrick, and Mike concerning the vacation home is referred to as an A.

What are some of the defining characteristics of the upper class? a. yearly income of $239,000 or more, inherited wealth, and earned wealth b. depend on earnings for income, "new rich," "success stories" c. income of $50,000-$100,000 a year, considerable property, college-educated d. family income of $30-$50,000 a year, secure but modest standard

The following data pertains to Chill Company for the year ended December 31, 2022. Net Sales $66,000 Net Income $9,900 Total Assets (January 1, 2022) $259,000 Total Assets (December 31, 2022) $276,000 Calculate Chill Company's return on assets for 2022.

A parent company uses IFRS and has a subsidiary whose books are maintained following U.S. GAAP. The consolidated financial statements of the parent include the subsidiary's accounts, reported using: a. U.S. GAAP b. Either IFRS or U.S. GAAP, since both are acceptable c. A combination of IFRS and U.S. GAAP, depending on the account d. IFRS

A unique reporting requirement of Not for Profit entities in a cash flow statement would be: A. Investing activities do not include acquiring and disposing of long-term assets. B. Operating activities do not include transactions involving unrestricted net assets. C. Finance activities include cash inflows from contributions and investment income

In reviewing the information she was given, Cori recognized that the organization did not have enough money to pay an insurance fee two months of the year, even though the fee was not a problem for the organization during other times of the year. To understand whether this will occur again next year, Cori should ask to see which of the following

Excellent Corp. (Excellent) currently controls Yes Corp. (Yes). Excellent purchases and sells Yes's voting shares on the open market but always ensures that it maintains a controlling interest over Yes. Which of the following statements pertaining to Excellent's buying and selling activity is correct? A. Excellent activity does not affect the

If a company has a current ratio of 2, then this means that it has A. $2 of assets for every $2 of liabilities. B. too many liabilities. C. $1 of assets for every $1 of liabilities. D. $2 of assets for every $1 of liabilities. E. $1 of assets for every $2 of liabilities.

If a business has a return on equity ratio of 25%, then this means A. the business owes 25% of its profits to its employees. B. total liabilities must be 25% of the value of the business. C. the return on equity ratio does not represent any of these answers. D. the owners made 25% profit from each dollar invested in the company. E. the business is

The financial statement that is most likely to be used to determine if a business is able to meet its short-term obligations within the next month would be A. All of these statements could be used to determine if a business can meet its short-term obligations. B. None of these statements could be used to determine if a business can meet its

Why should the employee's supervisor not distribute paychecks? a. A form of payroll fraud involves a supervisor submitting fraudulent time cards for nonexistent employees. b. A form of payroll fraud involves a supervisor submitting fraudulent time cards for nonexistent employees and The resulting paychecks, when returned to the supervisor are then

A management accountant works in a small accountancy practice. She has recently been promoted to partner and she has some strong views regarding changes the practice should make going forward. She is unsure about how the group will react to her suggestions and is aware that she should not 'rock the boat' too soon in her career as a partner. What

The company has made the following budget forecasts for the year 2021: Opening cash balance on 1 January 2021 24,000 Net profit for the year 100,000 Payment of tax 25,000 Payment of dividends 20,000 Payment of new vehicles 70,000 Annual depreciation charge 22,000 1 January 2021 31 December 2021 Inventory 32,000 35,000 Trade receivables 41,000

When he died in 2011, Nicolas Emery's estate included a small private lake that he and his family ran as a private resort where families enjoyed boating and fishing. Capitalization of the earnings of the present enterprise gives a value of $1,150,000 for the land. There was a $430,000 mortgage on the land. The boats, several utility vehicles,

Give explanation also.

Sebb Co runs a unit that suffers a massive drop in income due to the failure of its technology on 1 January 20X8. The following carrying amounts were recorded in the books immediately prior to the impairment Goodwill Technology Brands Land Buildings Other net assets Sm 20 5 10 50 30 40 The recoverable value of the unit is estimated at 85 million.

On March 1, Year 1, Bailey purchased a two-year guaranteed investment certificate (GIC) for $15,000. The interest compounds annually at 8%. Bailey has a marginal tax rate of 40%. Calculate Bailey's total after-tax interest income from the GIC.

O'Boyle Co.'s fixed costs are $256,000, the unit selling price is $36, and the unit variable costs are $20, What are the break-even sales (units)? Show calculations.

Chef Pepe is looking at his cost reports today and is surprised at the money that was spent yesterday for a small event. Help him calculate the cost based on the below details : Direct $7676.76 Adjustments subtract from cost $4616.61 Stores $1221.12 Adjustments added to cost $161.16

When selling property, plant, and equipment for cash: A. the seller recognizes a gain or loss for the difference between the cash received and the fair value of the asset sold. B. the seller recognizes a gain or loss for the difference between the cash received and the book value of the asset sold. C. the seller recognizes losses, but not gains.

Hotel C@H44 has a reputation for delivering the finest products at a controlled food cost. Insider News was able to find one of the product item details as follows: Stores $671.71 Direct $ 112.21 Adjustments $2727.14 Adjustments (-) $87.89 Help insider news calculate the $ total cost and food cost percentage if the total sales today were $11896.6

For good internal control of purchases, businesses should do all of the following except: a. Computations on the invoice should be checked for accuracy. b. Another person other than the person requesting the purchase should write the check for the payment of the invoice. c. Goods should be carefully checked when received. d. Ensure that the same

You are valuing Melissa Corporation. You have discounted the future free cash flows back to the present at an appropriate discount rate and get a present value of $140,000,000. When reviewing the balance sheet, you identified $61,500,000 in excess cash (classified as non-operating), 50,000 shares of stock in a non-operating subsidiary that the

Ellen and Kenny want to file a joint return. They paid the following medical and dental expenses: Unreimbursed medical bills - $600 Life insurance premiums - $800 Teeth whitening - $500 Hospital bills - $1,000 What are their total qualified medical expenses?

Bria and Neil paid the following during the tax year: Home mortgage interest - $2,400 Points paid on a mortgage for rental property - $300 Car loan interest - $1,000 Calculate how much can Bria and Neil deduct as deductible interest.

Nancy lives in California where her state income tax rate is 9.3% and her federal tax rate is 22%. She contributes 25% of her after-tax income for personal consumption. She earns $130,000 annually. What is her Family's Share of Earnings? A. $22,327.50 B. $40,690.00 C. $63,017.50 D. $66,982.50

The original price of a scarf was begun math size 18px style $ 16 end style. During a store-closing sale, a shopper saved begin math size 18px style $ 12 end style on the scarf. What percent discount did she receive? HINT: 12 is what percent of 16? A begin math size 18px style 25 percent sign end style B begin math size 18px style 50 percent sign

Which tab in the To-Do Lists portion of the Daily Business Manager displays all your invoices due based on the date selected in the calendar? A. the Payments Due tab B. the Orders tab C. the Invoices Due tab D. the Memo tab

The entry to record the issuance of a note for cash was recorded with a debit to Cash and a credit to Notes Receivable instead of Notes Payable. The effect of recording this entry causes ______. A. assets to be overstated, stockholders B. equity to be understated stockholders C. equity to be overstated liabilities to be understated D. liabilities

On November 1, Deli Llama, Inc. issued 2 notes payable at 12% per year for $10,000 each. One is a 3-month note and the other is a 2-year note. The amount of interest owed at December 31 will be ______. A. greater for the 2-year note B. greater for the 3-month note C. the same amount for both notes

Raymond Reddington, who would otherwise qualify as Elizabeth Keen's dependent, had a gross income of $9,000 during the year. Elizabeth, who had an AGI of $120,000, paid the following medical expenses in 2023: Cataract operation for Raymond $ 5,400 Raymond's prescribed contact lenses 1,800 Elizabeth's doctor and dentist bills 12,600 Prescribed

Drug A costs $400 for every person-year saved from malaria, and Drug B costs $1,000 for every person-year saved from malaria. Thus: A. Drug A is more cost-effective than Drug B B. Drug A and Drug B are equally cost-effective C. Drug A is cost saving Drug B is cost saving D. Drug B is more cost-effective than Drug A

A firm's income statement includes the following data. The firm's average tax rate was 20%. Cost of goods sold 8,000 Income taxes paid 2,000 Administrative expenses 3,000 Interest expense 1,000 Depreciation expense 1,000 Calculate the firm's net income.

A company recorded the issuance of its bonds with a debit to Cash for $107,260 a credit to Bonds Payable for $100,000, and a ______ on Bonds Payable for $7,260. A. debit to Premium B. debit to Discount C. credit to Premium D. credit to Discount

When recording the 1st annual interest payment on 5%, $100,000, 2-year bonds that were issued at $102,070 when the market rate of interest was 4.25% includes a debit to Premium on Bonds Payable of ______ assuming the straight-line method of amortization is used. A. $750 B. $765 C. $662 D. $1,035

You have decided to form an accounting firm with your best friend, Stan Lee. Describe one personal characteristic that you hope your partner would have to ensure the success of your newly formed partnership. Will you form a General Partnership or a Limited Liability Partnership? Explain your choice. Outline a significant factor that should be

Sandeep, 70, and Mary, 67, are married. Sandeep's unmarried brother, John, lives with them. Their daughter is a U.S. citizen who has been living and working abroad for many years. Based on this information, which option is correct? A. Sandeep's daughter does need not file a tax return in the U.S. B. Sandeep's daughter needs to file a tax return as

When buying SEM a Quality Score is an important factor when determining if your ad will be served. Factors that determine your Quality Score are: A. Expected CTR B. Ad Relevance and Landing Page Experience Budget C. Expected CTR and Ad Relevance Ad Relevance D. Budget and Expected CTR Budget E. Ad Relevance and Landing Page Experience

Amanda owns 30% of the interests in Becks Partnership. Becks Partnership is taxed as a partnership and has a calendar year-end. Amanda sells her partnership interest to Nick for a cash payment of $300,000. Her basis in the partnership interest is $137,400 at the time of the sale. The partnership had the following assets at the time of the sale. It

The dimensions of absolute viscosity is Pa.s ML2T1 O MLT1 Pas

Draft a brief introduction where you introduce the topic (the three takeaways) and discuss how our BUS 1182 Workshop has personally affected you. Again, you should draft your reflection using the first-person point-of-view. In other words, use the pronoun I and refer to specific experiences, opinions, insights, etc. Draft a concluding paragraph

Draft a brief introduction where you introduce the topic (the three takeaways) and discuss how our BUS 1182 Workshop has personally affected you. Again, you should draft your reflection using the first-person point-of-view. In other words, use the pronoun I and refer to specific experiences, opinions, insights, etc. Draft your Reflection Paper

A point which is outside of the lower control limit on an R-chart: A. is impossible because the lower limit is always zero. B. should be ignored unless another point is outside that limit. C. should be ignored because it signifies very low process variation. D. should be investigated because it could indicate improvements in the methods used in a

A firm is engaged to perform a financial statement review. During which period or periods is the firm required to be independent? A. Period covered by the financial statements only. B. Period of professional engagement and, in all cases, the period covered by the financial statements. C. Period of professional engagement and, in some cases, the

The design target is the A-frame LARS shown below figure with the dimension as (unit in mm) Dynamic specification -Max load of the system is 2000 kg, assuming to concentrate at point A - A-frame weight is 1300 kg, and the center of mass is at G (midpoint of OA) - Assume that the A-frame moves at the steady angular velocity of 3 deg/sec, angular

A 1800.00 1000.00 B 4000.00 G 1000.00 a. Fullyretract position 1000.00 G 1600.00 1000.00 4000.00 b. Fullyextend position B

Della Company received an offer from an overseas customer to purchase 1,000 units at $250 per unit. The special offer will not endanger its ability to care for existing customers, who currently pay $300 per unit. Della's fixed and variable expenses are variable manufacturing costs of $100 per unit, fixed manufacturing costs of $85 per unit,

On January 3, 2021, the trial balance of Jimmy's Corp shows the following items: currency $1 balance in checking $500 checks waiting for deposit 1200 equity securities 10000, treasury bills purchased 01/01/21 to mature on 01/01/22 of 6700 commercial paper purchased 01/01/2021 mature on 01/02/2022 $5600 what amount will jimmy corp report for cash

What two payroll taxes are the responsibility of the employer? A. Employer share of FICA and Employer share of unemployment taxes. B. Employer share of FICA and the Employee share of FICA. C. Employee share of FUTA and Employee share of unemployment taxes. D. Employer share of FICA and Employee income taxes.

What does the R stand for in the following equation: {R= (C + Pt1 - Pt0) / Pt0}? 1) The return from holding the asset for some time. 2) The sale or going market price of an asset. 3) An asset's requested rate of return. 4) An asset's annual current income yield. 5) The purchase price of an asset.

Investors know that bonds issued by different economic entities have different probabilities of defaulting. Which one of the following is not one of them? 1) The U.S. government has defaulted on its bonds. 2) Municipalities have defaulted on their bonds in the past and could do so again in the future. 3) Corporations are more likely to default on

In reviewing a tax client's information, James determines that he may rely on the information without verification. Which statement provides the strongest reason as to why James would make this decision? A. The tax matter is complex or subject to significant judgment. B. The information does not seem incorrect, inconsistent, or incomplete. C.

What problem is the Internal Revenue Service facing regarding virtual work and cryptocurrency? A. It cannot trace money spent using online payment processors. B. It is easier for Internet companies to dodge taxes. C. How to tax Americans who earn income in virtual worlds. D. Lost taxation revenue due to piracy.

What does it mean to report expenses by function for not-for-profits? a) To report expenses grouped by the activity for which the expenses occurred, such as programs or supporting services. b) To report expenses as either manufacturing expenses, selling expenses, or general/administrative expenses. c) To group expenses by their natural

Company CYZ, a US Company has two subsidiaries. The first subsidiary has net inflows in Canadian dollars of C$40,000, and the second subsidiary has net outflows in Canadian dollars of C$60,000. Calculate the net outflow or inflow in US dollars if the expected exchange rate of the Canadian dollar is US$0.75. Show working.

Amazon purchases a delivery truck at the beginning of the year and determines depreciation will be $6,000 each year. During the year, Amazon incurs $800 to paint the company logo on the truck, and incurs an additional $4,000 for improvements that will increase the truck's capacity. What is the total amount that will be reflected as an expense for

Charles, the president of an IT company, is friends with Levi, the CEO of Cyber Industries, a company that develops and manufactures computer hardware. Levi tells Charles that Cyber Industries is about to announce the creation of a revolutionary new computer processor that will quadruple processing capacity and cause Cyber Industries' sales and

Assume May Co. is preparing the operating section using the indirect method. May Co. reported a net income of $243,000 for the year and had the other following items: A decrease in accounts receivable: $18,000 Increase in common stock from cash issuance: $10,000 Increase in additional paid-in capital from cash issuance: a $60,000 Increase in

Which of the statements below is true regarding the statement of owner's equity? A. Ending total assets is reported on the statement. B. Total expenses are reported on the statement. C. Only the beginning Capital balance is reported on the statement. D. Both the beginning and ending Capital balances are reported on the statement. E. Only the

You're the listing agent on a home that sold for $435,000. If the commission you were offering the buyer's agent was 2.5%, and you were receiving 3.5% on the listing side, what percentage would you receive if you double-ended this deal (or had dual agency), and what would be your gross commission before splits? A. $15,225 B. $10,875 C. $26,100 D.

Assets are things you do; liabilities are things you do. The budgeting process begins in three months. You need to replace a piece of equipment that costs approximately $2500.00. Your hospital requires you to get quotes on all expenditures over $1000.00. You begin contacting vendors, telling them what the equipment is, your specifications, etc.

Assume the following: Microsoft (MSFT) did not make any changes to its depreciation policy for tax purposes in fiscal year 2023; MSFT's effective book income tax rate for 2023 is 19%; MSFT's net income in 2023 is $72.361 billion. What was the impact on MSFT's depreciation expense, profit before tax, provision for in- come tax, and net income in

On March 1, Pancakes Incorporated purchased 5,000 shares of its common stock paying $18 per share. What is the journal entry to record the repurchase of common stock on March 1? a) Dr Cash 90,000; Cr Treasury Stock 90,000 b) Dr Treasury Stock 90,000; Cr Cash 90,000 c) Dr Cash 90,000; Cr Common Stock 90,000 d) Dr Common Stock 90,000; Cr Cash 90,000

Incorporated resold 450 shares of the treasury stock for $10 per share. What is the journal entry to record the sale of treasury stock on April 5? a) Dr Treasury Stock 3,600, Dr Paid-in Capital Treasury Stock 900; Cr Cash 4,500 b) Dr Treasury Stock 3,600; Cr Cash 3,600 c) Dr Cash 4,500; Cr Treasury Stock 4,500 d) Dr Cash 4,500; Cr Treasury Stock

The debt ratio coupled with the time's interest earned ratio can help tell an investor: a) How the company is earning a net income or net loss b) How efficiently the company is using its long-term assets c) If the company has a going-concern issue. d) How the company is financed and the company's ability to pay the interest on its debt.

Becky includes business income in the year she earns it and deducts expenses in the year incurred. Which accounting method corresponds with Becky's business practices? A. Cash method B. Accrual method C. Retail method D. Hybrid method

Does paying dividends enhance the value of a company? Some financial experts caution companies to look long and hard before beginning to pay dividends. They believe that committing yourself to a regular dividend curtails financial flexibility and reduces debt capacity. Dividends might also signal that the company doesn't have good growth

When Tom passed away he owned an interest in Hill-dale Corporation which was included on his estate tax return. The IRS challenged the value of the Hill-dale stock arguing that the company possessed considerable goodwill. Therefore, the value should be adjusted upward. In disputing this contention, which of the following point(s) would be helpful