Priscilla Ceballos's 6-year-old daughter is a fan of Hannah Montana and wanted to go to a Hannah Montana concert. A radio station was offering two tickets to the Hannah Montana concert for the child who wrote the winning essay. Ms. Ceballos and her daughter wrote an essay that detailed an account of their husband/father dying in the war on Iraq. The problem was that their husband/father was not
in Iraq and certainly not dead. When the fake essay was uncovered, Ms. Ceballos said, "We did the essay, and that's what we did to win. . . We did whatever we could to win.". The company revoked the prize and the award of the tickets. Suppose the contest rules did not spell out that the essay had to be based on true and verifiable facts. What could the radio station rely on in revoking the prize and still have public support for its decision?
a. The Blanchard/Peale test for ethical dilemmas
b. Normative standards
c. Stakeholder analysis
d. None of the above
.B
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On January 1, 2018, the Regal Company purchased 30% of the outstanding voting stock of the Air Corporation for $300,000; the book value of Air's net assets at the date of purchase was $900,000. Regal was willing to pay more than the book value of the acquired shares because Air's depreciable assets with a ten-year remaining life were undervalued. Regal uses straight-line depreciation. During 2018, Air reported net income of $75,000 and paid dividends of $30,000.The income reported by Regal during 2018 pertaining to the Air investment was
A. $19,500 B. $31,500 C. $22,500 D. $ 9,000
If there is only one class of stock outstanding, such stock would be classified as preferred stock
a. True b. False Indicate whether the statement is true or false
Which of the following is not a typical analytical procedure for the completion of the audit?
a. Ratio analysis. b. Common-size analysis. c. Changes from the prior year. d. All of the above would typically be used.
If Rex Corporation issued Ten bonds of $1,000 at 99.75 on the interest date. The entry to record this transaction is:
a. Cash 990.75 Bonds Payable 990.75 b. Cash 9,907.50 Bonds Payable 9,907.50 c. Cash 997.50 Bonds Payable 997.50 d. Cash 9,975 Unamortized bond Discount 25 Bonds Payable 10,000