[The following information applies to the questions displayed below.]Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.)1) Acquired $950 cash from the issue of common stock. 2) Borrowed $420 from a bank. 3) Earned $650 of revenues. 4) Paid expenses of $250. 5) Paid a $50 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.)1) Issued an additional $325 of common stock. 2) Repaid $220 of its debt to the bank. 3) Earned revenues of $750. 4) Incurred expenses of $360. 5) Paid dividends of $100. What is the after-closing amount of retained earnings that will be reported on Packard's balance sheet at the end of Year
2? (Assume that closing entries have been passed).
A. $640
B. $740
C. $800
D. $290
Answer: A
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Compensation of workers is defined as
A. wages and salaries plus benefits earned by the workers. B. wages and salaries earned by the worker. C. non-monetary benefits earned by the workers. D. the tax rates which are applicable on the wages earned by the workers.
On January 1, 20X8, Parent Company acquired 90 percent ownership of Subsidiary Corporation, at underlying book value. The fair value of the noncontrolling interest at the date of acquisition was equal to 10 percent of the book value of Subsidiary Corporation. On Mar 17, 20X8, Subsidiary purchased inventory from Parent for $90,000. Subsidiary sold the entire inventory to an unaffiliated company for $120,000 on November 21, 20X8. Parent had produced the inventory sold to Subsidiary for $62,000. The companies had no other transactions during 20X8.Based on the information given above, what amount of sales will be reported in the 20X8 consolidated income statement?
A. $120,000 B. $58,000 C. $90,000 D. $62,000
According to Robert Greenleaf, which of the following best describes servant leadership?
A. A calling to serve B. Aggressive leadership C. The relationship between a leader who knows a lot and dependent followers D. An excuse for manipulation E. None of these
Someone with an external locus of control would most likely believe the events in their life are due mainly to:
A. themselves. B. personal choices. C. lucky streaks. D. a lack of motivation. E. a lack of competence.