Division X of O'Blarney Company has sales of $300,000, cost of goods sold of $120,000, operating expenses of $58,000, and invested assets of $150,000. What is the rate of return on investment for Division X?
A) 9.15%
B) 81.3%
C) 40.7%
D) 200%
B
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There is a hierarchy of rights to consider when applying rights theory
a. True b. False Indicate whether the statement is true or false
A petty cash fund was established with a $400 balance. It currently has cash of $43 and petty cash tickets totaling $357. Which of the following would be included in the entry to replenish the fund?
A) a credit to Petty Cash for $357 B) a debit to Petty Cash for $43 C) a credit to Cash for $43 D) a debit to various expenses for $357
Pager Corporation acquires 30% of the outstanding voting common shares of the Intercomm Corporation for $600,000 . Pager Corporation acquires the investment in Intercomm Corporation by buying previously issued shares of Intercomm Corporation from other investors. Suppose that Intercomm Corporation reports earnings of $100,000 and pays dividends of $40,000, during the next accounting period. As a
result, Pager Corporation's entries are: a. Equity in Earnings of Affiliate . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 Investment in Stock of Intercomm Corporation . . . . . . . . . . . . . . . . . .30,000 Investment in Stock of Intercomm Corporation. . . . . . . . . . .. . . . . 12,000 Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 b. Investment in Stock of Intercomm Corporation . . . . . . . . . . . . . . . 30,000 Equity in Earnings of Affiliate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 Investment in Stock of Intercomm Corporation. . . . . . . . . . . . . . . . . . . . 12,000 c. Equity in Earnings of Affiliate . . . . . . . . . . . . . . . . . . . . . . . . . .100,000 Investment in Stock of Intercomm Corporation . . . . . . . . . . . . . . . . . 100,000 Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 Investment in Stock of Intercomm Corporation. . . . . . . . . . . . . . . . . . . . 12,000 d. Investment in Stock of Intercomm Corporation . . . . . . . . . . . . . . . 100,000 Equity in Earnings of Affiliate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 Investment in Stock of Intercomm Corporation. . . . . . . . . . . . . . . . . . . . 12,000 e. Investment in Stock of Intercomm Corporation . . . . . . . . . . . . . . . 30,000 Investment Revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 Investment in Stock of Intercomm Corporation. . . . . . . . . . . . . . . . . . . . 12,000
The __________ describes the organization's reason for existence.
Fill in the blank(s) with the appropriate word(s).