Treasury stock is classified as:
A. A liability account.
B. A revenue account.
C. A contra asset account.
D. An asset account.
E. A contra equity account.
Answer: E
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Samuel would like to use occupational prestige to measure social class, but his study is international, and prestige of occupation changes from one culture to the next
Indicate whether the statement is true or false
How will the payee of the promissory note record the note on its books?
a. The promissory note will be recorded as an asset. b. The promissory note will be recorded as a liability. c. The promissory note will be recorded as revenue. d. The promissory note will be recorded as an expense.
Tobia Corporation has provided the following financial data:Balance SheetDecember 31, Year 2 and Year 1AssetsYear 2Year 1Current assets: Cash$201,000 $110,000 Accounts receivable, net 236,000 200,000 Inventory 158,000 190,000 Prepaid expenses 96,000 90,000 Total current assets 691,000 590,000 Plant and equipment, net 842,000 920,000 Total assets$ 1,533,000 $ 1,510,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$173,000 $150,000 Accrued liabilities 36,000 40,000 Notes payable, short term 88,000 90,000 Total current liabilities 297,000 280,000 Bonds payable 170,000 170,000 Total liabilities 467,000 450,000 Stockholders' equity:
Common stock, $3 par value 210,000 210,000 Additional paid-in capital 60,000 60,000 Retained earnings 796,000 790,000 Total stockholders' equity 1,066,000 1,060,000 Total liabilities & stockholders' equity$ 1,533,000 $ 1,510,000 Income StatementFor the Year Ended December 31, Year 2Sales (all on account)$1,410,000 Cost of goods sold 850,000 Gross margin 560,000 Operating expenses 525,077 Net operating income 34,923 Interest expense 16,000 Net income before taxes 18,923 Income taxes (35%) 6,623 Net income$ 12,300 Dividends on common stock during Year 2 totaled $6,300. The market price of common stock at the end of Year 2 was $1.78 per share.Required:a. What is the company's times interest earned ratio for Year 2?b. What is the company's debt-to-equity ratio at the end of Year 2?c. What is the company's equity multiplier at the end of Year 2?d. What is the company's earnings per share for Year 2?e. What is the company's price-earnings ratio for Year 2?f. What is the company's dividend payout ratio for Year 2?g. What is the company's dividend yield ratio for Year 2?h. What is the company's book value per share at the end of Year 2? What will be an ideal response?
"Get the order and get out." This is a good principle for salespeople to follow.
Answer the following statement true (T) or false (F)