Closing a business is nothing to be ashamed of if you ________.
A. learn something from the experience
B. are on vacation in Jamaica
C. have a partner
D. are a corporation
Answer: A
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Thomas Martin receives an hourly wage rate of $40, with time and a half for all hours worked in excess of 40hours during a week. Payroll data for the current week are as follows: hours worked, 48; federal income taxwithheld, $350; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin?
a. $449 b. $1,730 c. $2,080 d. $1,581
Bentley Corporation received cash from issuing 17,000 shares of common stock at par on January 1, 2018. The stock has a par value of $0.05 per share. Which is the correct journal entry to record this transaction?
A) Cash is debited for $850, and Common Stock—$0.05 Par Value is credited for $850. B) Cash is credited for $17,000 and Common Stock—$0.05 Par Value is debited for $17,000. C) Paid-In Capital in Excess of Par—Common is debited for $16,150, and Common Stock—$0.05 Par Value is credited for $16,150. D) Cash is debited for $17,000, Common Stock—$0.05 Par Value is credited for $850, and Paid-In Capital in Excess of Par-Common credited for $16,150.
Harris Company had checks outstanding totaling $15,400 on its May bank reconciliation. In June, Harris Company issued checks totaling $64,900. The June bank statement shows that $37,600 in checks cleared the bank in June. A check from one of Harris Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Harris Company's June bank
reconciliation should be A) $49,500. B) $53,000. C) $37,600. D) $42,700.
You are considering your housing options for next semester. The cost of a dorm room and the cost of an apartment are the same. You paid a $50 non-refundable deposit to live in the dorm last year. This deposit is an example of a(n):
A) opportunity cost. B) relevant cost. C) sunk cost. D) avoidable cost.