Which of the following is not a subsidiary ledger used in a job cost system?
a. materials ledger; b. factory overhead ledger; c. job cost ledger;
d. direct labor ledger; e. finished goods ledger.
D
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Mondok Corporation has provided the following financial data:Balance SheetDecember 31, Year 2 and Year 1AssetsYear 2Year 1Current assets: Cash$139,000 $140,000 Accounts receivable, net 222,000 230,000 Inventory 109,000 120,000 Prepaid expenses 68,000 70,000 Total current assets 538,000 560,000 Plant and equipment, net 857,000 800,000 Total assets$1,395,000 $1,360,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$186,000 $180,000 Accrued liabilities 34,000 30,000 Notes payable, short term 64,000 60,000 Total current liabilities 284,000 270,000 Bonds payable 130,000 130,000 Total liabilities 414,000 400,000 Stockholders' equity: Common stock, $2 par
value 100,000 100,000 Additional paid-in capital 90,000 90,000 Retained earnings 791,000 770,000 Total stockholders' equity 981,000 960,000 Total liabilities & stockholders' equity$1,395,000 $1,360,000 Income StatementFor the Year Ended December 31, Year 2Sales (all on account)$1,280,000 Cost of goods sold 840,000 Gross margin 440,000 Operating expenses 387,231 Net operating income 52,769 Interest expense 12,000 Net income before taxes 40,769 Income taxes (35%) 14,269 Net income$26,500 Required:a. What is the company's working capital at the end of Year 2?b. What is the company's current ratio at the end of Year 2?c. What is the company's acid-test (quick) ratio at the end of Year 2?d. What is the company's accounts receivable turnover for Year 2?e. What is the company's average collection period for Year 2?f. What is the company's inventory turnover for Year 2?g. What is the company's average sale period for Year 2?h. What is the company's operating cycle for Year 2?i. What is the company's total asset turnover for Year 2?j. What is the company's times interest earned ratio for Year 2?k. What is the company's debt-to-equity ratio at the end of Year 2?l. What is the company's equity multiplier at the end of Year 2? What will be an ideal response?
Unless there are terms in the partnership agreement to the contrary, which of the following will dissolve a partnership?
A) A partner becomes insolvent. B) A partner wants to withdraw from the partnership C) A partner requests a change in the partnership agreement D) Both A and B E) All of the above
Which of the following rights is protected by the Landrum Griffin Act?
A. The right of strikers engaged in activities that are not protected by law to be rehired after the strike B. The right of employees to strike in support of their bargaining demands C. The right of management to discharge strikers engaged in activities protected by law D. The right of employees for work stoppage in violation of an existing agreement between management and a union
One of the benefits oflicensing is:
A. lesser legal restrictions. B. ease of finance from the parent company. C. instant name recognition. D. that it safeguards the company's products as an exclusive entity.