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The journal entry to pay a cash dividend is to

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1. The journal entry to pay a cash dividend is to;a) debit dividends payable, credit cash;b) debit retained earnings, credit cash;c) debit dividends payable, credit retained earnings;d) debit retained earnings, credit dividends payable;2. When a stock dividend was declared above par, the excess was ignored and only the par value was used. This error would cause;a) the period's end assets to be overstated;b) the period's end liabilitoes to be overstated;c) the period's end stockholders' equity to be overstated;d) none of the above;3. Which of the following is not a direct departmental expense in a sales department?;a) sales salaries;b) delivery expense for related items;c) advertising for the sales department;d) all are direct departmental expenses;4. If direct labor for the month is $30,000, overhead is applied based on direct labor, annual overhead is estimated to be $500,000, and annual direct labor is estimated to be $800,000, what is the entry to apply overhead to production?;a) debit work-in-progress inventory $18,750, credit payroll $18,750;b) debit overhead-applied $18,750, credit work-in-progress inventory $18,750;c) debit work-in-progress inventory $18,750, credit overhead applied $18,750;d) debit work-in-progress inventory $30,000, credit overhead-applied $30,000;5. Interest expense was $10,000, income tax expense $20,000, ad net income after taxes is $60,000. The number of times interest was earned is;a) nine times;b) eight times;c) seven times;d) six times;6. Tricia and Jennifer formed a partnership. Tricia invested $10,000 in cash, and Jennifer invested $5,000 in cash, equipment valued at $6,000, and $1,000 accounts payable. The proper entry to record this is;a) debit cash 15,000, debit equipment 6,000, credit accounts payable 1,000, credit Tricia's capital 10,000, credit Jennifer's capital 10,000;b) debit cash 15,000, debit equipment 6,000, debit accounts payable 1,000, credit Tricia's capital 10,000, credit Jennifer's capital 10,000;c) debit cash 15,000, debit equipment 6,000, credit Tricia's capital 10,000, credit Jennifer's capital 10,000;d) debit cash 15,000, debit equipment 6,000, credit Tricia's capital 10,000, credit Jennifer's capital 11,000;7. Which would not go into the operating activities section of a statement of cash flows using the direct method?;a) deprecitation expense;b) payment for dividends;c) selling of plant, property, and equipment;d) all of the above;8. Which of the following is true of a partnership?;a) actions of one partner are binding on all the other partners;b) each partner is individually liable for partnership debts.;c) all of the owners always share income and losses equally;d) both a and b;9. The overhead-control account is used for the;a) application of overhead to production, and it has a debit balance;b) accumulation of all actual overhead costs, and it has a credit balance;c) application of overhead to production, and it has a debit balance;d) accumutation of all actual overhead costs, and it has a debit balance;10. What inventories are included in determining total maufacturing costs?;a) beginning and ending finished goods;b) beginning and ending raw materials;c) beginning and ending work-in-progress;d) none of the above

 

Paper#76036 | Written in 18-Jul-2015

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