Finance Questions

Which of the following is not a component of paid-in capital?A- Amounts arising from share repurchasesB- Earnings accumulated on behalf of the shareholdersC- Amounts invested by shareholders when they purchase shares of stock from the corporation

Beamer Co. issued 50,000 shares of $0.01 par common stock for $230,000. Which of the following will Beamer Co. record as part of the journal entry for this transaction?A- Credit to Common Stock for $229,500B- Credit to Paid-In Capital—Excess of Par for $230,000C- Credit to Common Stock for $500D- Credit to Paid-In Capital—Excess of Par for $500

Retained Earnings isA- Accumulation of all the earnings of the companyB- Accumulation of all the earnings of the company less all the dividends paid out to shareholders.C- The amount of cash invested in the companyD- A Paid in Capital account

Ellsworth Corporation was organized on January 1, 2021. The firm was authorized to issue 150,000 shares of $1 par common stock. During 2021, Ellsworth had the following transactions relating to shareholders' equity:Issued 20,000 shares of common stock at $7 per share.Issued 20,000 shares of common stock at $8 per share.Reported a net income of $100,000.Paid dividends of $50,000.Purchased 3,000 shares of treasury stock at $10.What was total shareholders' equity at the end of 2021?A- $270,000B- $320,000C- $350,000D- $380,000

Which operating cash flow item is converted from the income statement by an adjustment that fully offsets the amount in the income statement?

When you are analyzing your company's financial performance, which ratio shows you the company's liquidity?

Is unearned revenue a liability or an asset?

What type of account is accumulated depreciation?

If assets are recorded as debits, what are contracts assets?

In the balance sheet Wages payable (C) will always be paired with

_______ is an allocation base used in ABC. It measures the amount of activity that drives the cost pool

A _______ driver is a count of how many times an activity occurs.

A ________ driver is a measure of the amount of time that is required to perform an activity

ABC defines 5 levels of activity that largely (do/do not) relate to the volume of products

Direct materials is considered a fixed cost. (True/False)

Department OH Allocation Predetermined: Cutting Dept: $5 per machine hour Gluing Dept: $2 per DL hour Actual: Machine Hours: Cutting (3) Gluing (4)DL Hours: Cutting (6) Gluing (5)

Cost allocation involves assigning manufacturing overhead costs. (True/False)

Which of the following is direct labor?a. CEO salaryb. Wages of factory janitorc. Wages of production supervisord. Wages of assembly line worker

An ERP (Enterprise Resources Planning) system can be more costly than traditional systems upfront. (True/False)

Which of the following is a direct material?a. Glueb. Depreciationc. Shipping d. Assembly worker wages