________ refers to the moral standard of right and wrong behavior.
A. Utility
B. Attribution
C. Ethics
D. Spirituality
Answer: C
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The Vernon Corporation was formed on January 2, 2018. The company sold 20,000 shares of $8.00 par value stock for $20.00 per share. On July 1, 2018, Vernon bought back 4,000 shares of stock for $24.00 per share. The treasury stock was resold on September 1, 2018 for $32.00 per share.Which one of the following is the entry to record the original sale of the stock?
A.
| DR Common stock | 160,000 | ? |
| DR Paid-in capital in excess of par | 240,000 | ? |
| CR Cash | ? | 400,000 |
B.
| DR Common stock | 240,000 | ? |
| DR Paid-in capital in excess of par | 160,000 | ? |
| CR Cash | ? | 400,000 |
C.
| DR Cash | 400,000 | ? |
| CR Common stock | ? | 240,000 |
| CR Paid-in capital in excess of par | ? | 160,000 |
D.
| DR Cash | 400,000 | ? |
| CR Common stock | ? | 160,000 |
| CR Paid-in capital in excess of par | ? | 240,000 |
Which of the following most likely would be classified as a current liability?
A) Mortgage payable B) Dividends payable C) Five-year notes payable D) Bonds payable
The following information is available for Prudhoe Company: Disbursements for purchases ........................... $290,000 Increase in trade accounts payable .................... 25,000 Decrease in merchandise inventory ..................... 10,000 Cost of goods sold was
a. $325,000. b. $305,000. c. $275,000. d. $255,000.
Which of the following statements about implicit and explicit taxes is false?
A. The taxpayer pays an explicit tax to the taxing jurisdiction. B. The amount of implicit tax on an investment depends on the owner's marginal tax rate. C. An investment yielding ordinary income taxed at the regular tax rates should not have an implicit tax. D. None of the above is false.