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Question
At December 31, Year 1, Bubba Corporation has par value common stock with a par value of $1.50 per share, Additional paid-in capital of $60,000, total shareholders' equity of $100,000, and retained earnings of $25,000. What is the number of common stock shares?
A. 5,000
B. 10,000
C. 15,000
D. 20,000
E. 25,000
Answer
This answer is hidden. It contains 1 characters.
Related questions
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c. Treasury shares repurchased by a corporation.
d. Research and development expenditures.
e. Automobiles used by sales staff.
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k. Increase in fair value of land held.
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Assets are classified as current for reporting purposes when
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B. shares of common stock in another company are acquired to diversify operations
C. expenditures are made in developing new technologies or advertising products
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Q:
To record the purchase of equipment that is fully financed by the seller, you would
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Q:
Under both U.S. GAAP and IFRS, the firm must immediately expense all expenditures on _____.
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B. low proportion of long-term debt (20% or less).
C. high proportion of shareholders equity (80% or more).
D. high proportion of cash (80% or more).
E. high proportion of retained earnings (80% or more).
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Q:
Addison Hardware
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Quantity Received
Unit Cost
Units Sold November 5 100 November 7
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Q:
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Addison Hardware began the month of November with 150 large brass switchplates on hand at a cost of $4.00 each. These switchplates sell for $7.00 each. The following schedule presents the sales and purchases of this item during the month of November. Purchases Date of Transaction
Quantity Received
Unit Cost
Units Sold November 5 100 November 7
200
$4.20 November 9 150 November 11
200
4.40 November 17 220 November 22
250
4.80 November 29 100 (CMA adapted, Dec 92 #25) Refer to the Addison Hardware example. If Addison uses FIFO inventory pricing, the value of the inventory on November 30 would be
A. $936
B. $1,046
C. $1,076
D. $1,104
E. $1,204
Q:
Which of the following is/are correct regarding the valuation of inventory
A. GAAP require firms to record inventories at acquisition cost
B. GAAP does not permit firms to revalue inventories above acquisition cost
C. GAAP require firms to write down inventories when their replacement cost, or market value, declines below acquisition cost
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Q:
Value Company
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September 30, Year 5 Raw materials
$15,000
$22,000 Work-in-process
40,000
35,000 Finished goods
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A. $22,000
B. $35,000
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Q:
Value Company
Value Company's beginning and ending inventories for the fiscal year ended September 30, Year 5, are October 1, Year 4
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$15,000
$22,000 Work-in-process
40,000
35,000 Finished goods
8,000
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A. $262,000
B. $252,000
C. $260,000
D. $248,000
E. $224,000
Q:
A department store had items in its inventory at the end of the year that had a recorded book value of $10,000 and, because of fashion changes, a market value of only $7,000. The department store failed to write down these inventory items to market value. To keep the obsolete condition of the inventory items away from its auditors, the firm shipped the goods to a remote warehouse. The effect of this error was to
A. understate the inventory turnover ratio
B. overstate the cost of goods sold to sales percentage
C. overstate the total assets turnover ratio
D. understate net income
E. none of the above
Q:
IFRS specifies that, in the context of inventories, market means
A. replacement cost, only
B. net realizable value, only
C. replacement cost, except that market may not exceed net realizable value and may not be less than net realizable value reduced by a normal profit margin.
D. replacement cost, except that market may not exceed net realizable value and may not be less than present value of future cash flows.
E. replacement cost, except that market may not exceed net realizable value and may not be less than the total amount of undiscounted future cash flows
Q:
Discuss the application of the allowance method for sales returns.
Q:
Which of the following is/are not true regarding repairs?
A. Repairs include routine costs such as for cleaning and adjusting.
B. Repairs include the costs of restoring an assets service potential after breakdowns or other damage.
C. Repairs do not extend the estimated service life or increase its productive capacity of an asset beyond original expectations.
D. U.S. GAAP and IFRS treat repair expenditures as expenses of the period when the firm makes the expenditure.
E. Distinguishing repairs from maintenance is difficult but typically not necessary because expenditures for both are period expenses.