National Co reported a net loss of $30,000 for 2012, yet its cash balance increased during the year. Which financial statement should National's management refer to for an explanation of this situation?
A) Balance sheet
B) Income statement
C) Statement of retained earnings
D) Statement of cash flows
D
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A ten-year bond issue of $400,000, interest rate of 9% paid semiannually, is sold for $440,000 when the market rate is 8%. The bonds were not sold between interest dates and the straight-line amortization method is used. The entry to record the first interest payment would include
a. a debit to Cash of $18,000. b. a debit to Bond Interest Payable of $18,000. c. a debit to Premium on Bonds Payable of $2,000. d. a credit to Bond Interest Expense of $16,000.
High-performing salespeople tend to be strategic problem solvers for their customers.
Answer the following statement true (T) or false (F)
Which of the following would most likely lead to a company initiating a price increase?
A) weakened economy B) possession of outdated merchandise C) excess capacity D) over-demand E) possession of defective merchandise
A manufacturing company applies overhead using direct labor cost. The company's Work in Process Inventory account has a $15,000 debit balance after all posting is completed, and the cost sheet of the one job still in process shows direct material costs of $6,600 and direct labor costs of $3,000. What is the company's predetermined overhead rate?
What will be an ideal response?