Percentile ranks are very useful when comparing values from two different data sets
Indicate whether the statement is true or false
TRUE
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The following information has been obtained from the Myers Corporation:300,000 shares of common stock were outstanding on January 1, 2018. 50,000 stock options were outstanding on January 1, 2018; each option allows the holder to acquire one share of common stock for $20 per share. The average market price of the common stock during 2018 was $25 per share. 48,000 shares of common stock were issued on February 1, 2018. 18,000 shares of common stock were purchased on August 1, 2018. What is the weighted average number of shares to be used in the calculation of diluted earnings per share for 2018?
A. 346,500 B. 386,500 C. 380,000 D. 326,500
James Corporation uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased. Information for raw materials for the month of December follows: Standard unit price $3.30 Actual purchase price per unit $3.50 Actual quantity purchased 2,000 units Actual quantity used 1,900 units Standard quantity allowed for actual production 1,800 units What
is the entry to record material usage? a. Work in process 6,270 Materials quantity variance 330 Materials 6,600 b. Work in process 6,270 Materials quantity variance 330 Materials 5,940 c. Work in process 6,300 Materials quantity variance 350 Materials 6,650 d. Work in process 5,940 Materials quantity variance 330 Materials 6,270
Of the three cost-flow assumptions, when prices fall FIFO results in balance sheet figures that are _____, cost of goods sold will _____, and _____ reported net income
a. closest to current cost, be out of date, highest b. out of date, closest to current cost, highest c. closest to current cost, be out of date, lowest d. out of date, closest to current cost, lowest e. closest to current cost, closest to current cost, highest
On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anders, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Shilling uses the perpetual inventory system and the gross method. The journal entry or entries that Shilling will make on May 1 is:
A.
| Sales | 5,800 | |
| Accounts receivable | 5,800 |
B.
| Sales | 5,800 | |
| Accounts receivable | 5,800 | |
| Cost of goods sold | 4,000 | |
| Merchandise Inventory | 4,000 |
C.
| Accounts receivable | 4,000 | |
| Sales | 4,000 |
D.
| Accounts receivable | 5,800 | |
| Sales | 5,800 |
E.
| Accounts receivable | 5,800 | |
| Sales | 5,800 | |
| Cost of goods sold | 4,000 | |
| Merchandise Inventory | 4,000 |