Belton, Inc. had the following transactions in 2018, its first year of operations:
• Issued 33,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $24.00 per share.
• Earned net income of $73,000.
• Paid no dividends.
At the end of 2018, what is the total amount of paid-in capital?
A) $33,000
B) $865,000
C) $792,000
D) $73,000
C) $792,000
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A growing form of e-commerce in the business-to-business sector is:
A) discount houses B) financial institutions C) online exchanges and auctions D) insurance purchases
Suppose the direct foreign exchange rates in U.S. dollars are as follows:1 Swiss franc = $1.03711 Swedish krona = $0.1526Based on the information given above, how many Swiss francs are required to purchase goods costing $5,000 U.S.?
A. 32,785 B. 4,821 C. 5,186 D. 763
When financial statements contain a material, unjustified departure from GAAP, which of the following is contained in the audit report?
a. A Qualification: Yes; An Explanatory Paragraph After the Opinion Paragraph: No. b. A Qualification: Yes; An Explanatory Paragraph After the Opinion Paragraph: Yes. c. A Qualification: No; An Explanatory Paragraph After the Opinion Paragraph: Yes. d. A Qualification: No; An Explanatory Paragraph After the Opinion Paragraph: No.
An employee earned $42,300 working for an employer in the current year. The current rate for FICA Social Security is 6.2% payable on earnings up to $128,400 maximum per year and the rate for FICA Medicare 1.45%. The employer's total FICA payroll tax for this employee is:
A. $3235.95. B. $613.35. C. $6471.90. D. $2622.60. E. $0, since the FICA tax is only deducted from an employee's pay.