Distributions to owners include paying dividends, repurchasing common shares, transferring assets, rendering services, and incurring liabilities to owners
Indicate whether the statement is true or false
True
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Which heuristic is defined as a shortcut that bases a decision on our existing mental prototype and similar stereotypes?
A. availability B. confirmation C. representativeness D. anchoring and adjustment
Applied overhead is less than actual overhead incurred during the year. Which of the following journal entries is made to close the Overhead account if this difference is immaterial?
A) Overhead Work in Process B) Cost of Goods SoldOverhead C) Overhead Finished Goods Inventory D) Cost of Goods SoldFinished Goods Inventory
On January 1, a corporation had 15,380 shares of common stock outstanding. On August 1, it sold an additional 5,000 shares. During the year, dividends of $4,800 and $56,000 were declared and paid on the common and preferred stock, respectively. Net income for the year was $250,000. What was the basic earnings per share for the year (rounded to the nearest cent)?
A. $16.26 B. $14.32 C. $11.11 D. $10.83
Howard Company provided the following selected information about its consumer products division for the current year: Desired ROI 10?%Net income$249,000? Residual income$190,000? Based on this information, the division's investment amount was:
A. $1,900,000. B. $590,000. C. $4,390,000. D. $2,490,000.