When the contract rate is above the market rate, a bond sells at a premium.
Answer the following statement true (T) or false (F)
True
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The master budget is a
a. static budget. b. flexible budget. c. qualitative expression of a prior goal. d. qualitative expression of a future goal.
A company issued a mortgage note for land valued at $450,000 . The transaction would be reported on a:
a. statement of cash flows as both an investing and financing activity. b. statement of cash flows as an investing activity. c. separate schedule accompanying the statement of cash flows. d. retained earnings statement. e. balance sheet.
Answer the following statement(s) true (T) or false (F)
1. Cumulative preferred stock accumulates unpaid dividends until they are paid and is paid before any common stock dividends are paid. 2. Both common stock holders and preferred stock holders have a vote in corporate matters. 3. Only preferred stock holders have a vote in corporate matters. 4. The book value of common stock is the sum of all the recorded par values of issued stock. 5. The market value of a stock may be different from the book value.
Ann is the sole owner of a computer store and established a simplified employee pension plan (SEP) for herself and her two full-time employees. Her net self-employment income for the year is $70,000. The maximum amount she can contribute to her SEP is:
A. $9,130. B. $10,500. C. $14,000. D. $17,500. E. $49,000.