The doctrine of res ipsa loquitur applies if an event causing harm does not normally occur in the absence of negligence.
Answer the following statement true (T) or false (F)
True
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__________ represent the interests of union members in their relations with their immediate supervisor and other members of management.
A. Union leaders B. Business representatives C. Union stewards D. Mediators
On September 12, Ryan Company sold merchandise in the amount of $8200 to Johnson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5200. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the non-defective merchandise, which is restored to inventory. The selling price of the returned merchandise is $740 and the cost of the merchandise returned is $470. The entry or entries that Ryan must make on September 14 is (are):
A.
| Sales returns and allowances | 718? | |
| Accounts receivable | 718? | |
| Merchandise inventory | 470? | |
| Cost of goods sold | 470? |
B.
| Sales returns and allowances | 470? | |
| Accounts receivable | 470? |
C.
| Sales returns and allowances | 740? | |
| Accounts receivable | 740? |
D.
| Sales returns and allowances | 718? | |
| Accounts receivable | 718? |
E.
| Sales returns and allowances | 718? | |
| Accounts receivable | 718? | |
| Merchandise inventory | 456? | |
| Cost of goods sold | 456? |
Wonderland, Inc. purchased Cheshire Co. for $820,000. The market value of Cheshire's assets and liabilities at the time of purchase were $980,000 and $320,000 respectively. The journal entry to record this will include:
A) debit to Asset accounts for $980,000, credit to Gain on Investments $160,000 and credit to Cash $820,000. B) debit to Investments for $820,000, credit to Cash $820,000. C) debit to Investments for $980,000, credit to Cash $820,000 and credit to Gain on Investment $160,000. D) debit to Asset accounts for $980,000, debit to Goodwill $160,000, credit to Liabilities $320,000 and credit to Cash $820,000.
Answer the following statements true (T) or false (F)
1. A stock dividend may be given to reduce the market price of the stock. 2. A corporation may declare stock dividends when there is not enough cash to pay a cash dividend. 3. A stock dividend will increase total assets. 4. If a company has 15,000 shares outstanding before a 3-for-1 stock split, then after the split they will have 5,000 shares outstanding. 5. If a company has 33,000 shares outstanding before a 5-for-3 stock split, then after the split they will have 55,000 shares outstanding.