The term "deficit" refers to
a. an excess of current assets over current liabilities.
b. an excess of current liabilities over current assets.
c. a debit balance in Retained Earnings.
d. a loss that is reported as a prior period adjustment.
C
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The Slazenger Company has provided the following information: Shareholders' equity on January 1, 2018 was $2,225,900.
Shareholders' equity on December 31, 2018 was $2,379,300. Treasury stock costing $71,000 was sold for $62,000; the treasury stock was acquired during 2017. A property dividend was declared and distributed during 2018. The property's book value was $42,325 on the declaration date; the property's fair value was $54,485 on the declaration date and $57,500 on the distribution date. 10,000 shares of $20 par value preferred stock were purchased and retired during 2018. The shares were initially issued for $25 per share and were purchased for $29 per share. 5,000 shares of $5 par value common stock were issued as the result of a small stock dividend. The market value per share was $9 at the declaration date and $9.50 at the distribution date. Cash dividends declared and paid during the year totaled $70,000. Required: What was Slazenger's 2018 net income assuming that the only other transactions impacting shareholders' equity are described above? What will be an ideal response?
In the formula y = a + bX, y represents
a. fixed costs. b. total cost. c. variable costs. d. mixed costs.
You should ______________________ fractions appearing by themselves in ordinary text, especially if they are followed by of a or of an
a. boldface b. eliminate c. spell out and hyphenate d. provide decimal equivalents of
Which of the following stages is LEAST likely to occur in team development?
a. storming b. performing c. norming d. forming