Reference no: EM131219117
1. Pfister Corporation has Current Assets of $200,000, Current Liabilities of $150,000, Total Liabilities of $340,000 and Owners' Equity of $300,000. Compute Total Assets. Enter your answer with no commas, dollar signs, decimals, etc
2. Pfister Corporation has Long-term Assets of $485,000, Current Liabilities of $150,000, Long-term Liabilities of $220,000 and Owners' Equity of $320,000. Compute Current Assets. Enter your answer with no commas, dollar signs, decimals, etc
3. Butler Corporation has a balance of $165 million in retained earnings at the beginning of the fiscal year. At the end of the fiscal year the balance in retained earnings is $200 million.
Which of the following statements are true? Select all that apply.
a.Dividends declared are greater than Net Income.
b. Dividends declared are less than Net Income
c. Net Income is at least $35 million
d.Dividends must be less than $35 million
|
What is the budgeted cost of goods sold
: A sporting equipment store expects to purchase $8,000 of ski boots in October. The store had $4,000 of ski boots in merchandise inventory at the beginning of October, and expects to have $3,000 of ski boots in merchandise inventory at the end of Octo..
|
|
Preparing a budgeted income statement
: Calgary Industries is preparing a budgeted income statement for 2015 and has accumulated the following information. Predicted sales for the year are $770,000 and cost of goods sold is 40% of sales. The expected selling expenses are $85,000 and the ex..
|
|
Use of departmental overhead rates will generally result
: The use of departmental overhead rates will generally result in:
|
|
The direct labor efficiency variance
: The following information describes a company's usage of direct labor in a recent period. The direct labor efficiency variance is:
|
|
Compute total assets and current assets
: Pfister Corporation has Current Assets of $200,000, Current Liabilities of $150,000, Total Liabilities of $340,000 and Owners' Equity of $300,000. Compute Total Assets. Pfister Corporation has Long-term Assets of $485,000, Current Liabilities of $150..
|
|
Impact on operating income for eliminating business segment
: Soar Incorporated is considering eliminating its mountain bike division, which reported an operating loss for the recent year of $1,000. The division sales for the year were $1,046,000 and the variable costs were $856,000. The fixed costs of the divi..
|
|
Assuming that the income effect is descriptive
: Song earns $152,500 taxable income as an interior designer and is taxed at an average rate of 15 percent (i.e., $22,875 of tax). a. If Congress increases the income tax rate such that Song’s average tax rate increases from 15 percent to 20 percent, h..
|
|
What is their marginal tax rate on this income
: Scot and Vidia, married taxpayers, earn $92,500 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. If Scot and Vidia earn an additional $70,000 of taxable income, what is their marginal tax rate on this income?
|
|
What documentary evidence is available to the auditor
: Sea Duds is a retail clothing store specializing in resort clothing. The company purchases finished goods-apparel and accessories-and its other payments are for typical operating costs such as rent, utilities, and payroll. Identify the controls prese..
|