Hern MacTavish only invests in lending investments. If his financial advisor gave him the list below, which might Hern invest in?
A) Saving accounts
B) Stocks
C) Income-producing real estate
D) Bonds
E) Both A and D
Answer: E
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Petry Corporation issues 20,000 shares of $.50 par common stock for $6 per share. The account for Additional Paid-In Capital in excess of par will increase by:
A) $130,000. B) $120,000. C) $110,000. D) $10,000.
In which of the following types of offers does the seller offer the goods for sale?
A) a revocation B) a reward C) an auction with reserve D) an auction without reserve
Plantier Incorporated makes a single product--a cooling coil used in commercial refrigerators. The company has a standard cost system in which it applies overhead to this product based on the standard machine-hours allowed for the actual output of the period. The budgeted fixed manufacturing overhead for the year was $136,950 and the budgeted hours were 27,500 machine-hours. Data concerning the actual results for the most recent year appear below:?Applying Overhead:???Actual production (a)27,000units?Standard hours per unit (b)1.10machine-hours?Standard hours allowed for the actual production (a) × (b)29,700machine-hours?????Actual fixed manufacturing overhead$154,950??Actual hours28,300machine-hoursRequired:a. Determine the fixed overhead budget variance for
the year.b. Determine the fixed overhead volume variance for the year. What will be an ideal response?
Employees earn vacation pay at a rate of one day per month. The company estimated and must expense $1,500 of accrued vacation benefits for the year. Which of the following is the necessary year-end adjusting entry to record accrued vacation benefits?
A. Debit Prepaid Benefits Payable $1,500; credit Vacation Benefits Expense $1,500. B. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500. C. Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500. D. Debit Payroll Tax Expense $1,500; credit Payroll Taxes Payable $1,500. E. Debit Vacation Benefits Expense $1,500; credit Prepaid Vacation $1,500.