If a merchandiser offers a sales discount of 2/10, net/30 on a sale of $2,000, the amount due in 10 days is the net amount of $1,960.
Answer the following statement true (T) or false (F)
True
If the sales discount is taken by payment within 10 days, $1,960 is due; if not, the invoice amount of $2,000 is due in 30 days.
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Issued shares represent the:
A) number of previously issued shares that have been repurchased by the corporation. B) number of shares that the corporation has distributed to owners to date. C) number of shares that are currently held by stockholders. D) maximum number of shares that can be sold by the corporation.
Murton Industries Murton Industries, Inc reported the following information on its recent balance sheet. Common stock, $10 par, 100,000 shares authorized, 75,000 shares issued and outstanding Refer to the information for Murton Industries. What is the effect of a 10% stock dividend if the market price of the common stock is $30 per share when the stock dividend is declared?
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The management of Plitt Corporation would like to investigate the possibility of basing its predetermined overhead rate on activity at capacity. The company's controller has provided an example to illustrate how this new system would work. In this example, the allocation base is machine-hours and the estimated amount of the allocation base for the upcoming year is 69,000 machine-hours. Capacity is 82,000 machine-hours and the actual level of activity for the year is assumed to be 72,400 machine-hours. All of the manufacturing overhead is fixed and both the estimated amount at the beginning of the year and the actual amount at the end of the year are assumed to be $4,130,340 per year. It is assumed that a number of jobs were worked on during the year, one of which was Job Q20L which
required 470 machine-hours. If the company bases its predetermined overhead rate on the estimated amount of the allocation base for the upcoming year, then the amount of manufacturing overhead charged to Job Q20L is closest to: A. $26,812.98 B. $28,134.20 C. $28,589.98 D. $23,673.90