The end-of-period work sheet is used to facilitate
a. making needed
adjustments in the accounts; b. correcting errors; c. closing the financial
statements; d. entering transactions; e. all of these.
A
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Consider each situation for Kathy, Inc. below independently. ? · Kathy, Inc. issued 10,000 shares of its $25 par common stock (current fair value of common is $35 per share) for a large tract of land. The land was appraised at $400,000. Kathy already had 500,000 shares of common stock outstanding. · Kathy, Inc. issued 2,000 shares of $10 par Class A common stock at $12 and 100 shares of no-par Class B common stock at $20. Required: a.At what amount should land be recorded?b.What is the total amount that should be recorded for additional paid-in capital from the second situation?
What will be an ideal response?
The random variable x is the number of occurrences of an event over an interval of ten minutes. It can be assumed that the probability of an occurrence is the same in any two time periods of an equal length. It is known that the mean number of occurrences in ten minutes is 5.3. The appropriate probability distribution for the random variable is
A. discrete. B. continuous. C. either discrete or continuous depending on how the interval is defined. D. binomial.
Under the RUPA, the partners have what type of liability for all contract obligations of the partnership?
a. Joint. b. Joint and several. c. Several. d. No.
Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs to be $400,000, and direct labor costs to be $2,000,000. Actual overhead costs for the year totaled $380,000, and actual direct labor costs totaled $1,800,000. At year-end, the balance in the Factory Overhead account is a:
A) $380,000 Debit balance. B) $360,000 Debit balance. C) $20,000 Debit balance. D) $400,000 Credit balance. E) $20,000 Credit balance.