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ACCT 221 Principles of Accounting II Multiple
$ 15.00

Assume that actual overhead consisted of $30,000 for indirect labor, $20,000 for indirect material, and $10,000 for depreciation of factory equipment.  Based on the preset rates, $65,000 of overhead was applied to work in process.

The contract interest rate for bonds:

Norman Corporation issued $100,000 of 7%, 15-year bonds on January 1, 2014 at 102. The proper entry to record issuance of the bonds includes a debit to Cash for:

Question 11:

Which of the following statements about treasury stock is true?

Maxlo Company has 100,000 shares of common stock outstanding. On April 15, the board declared a $.30 dividend to be paid to stockholders of record on May 4.  The dividend was paid on May 15.  The proper journal entry for Maxlo Company on May 15 does include:

Question 14:

Alpha Corporation has cumulative preferred stock.  If dividends are not declared in a period, then those dividends are

Maloney Company's balance sheet included cash ($4,000,000), accounts receivable ($16,000,000), inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and accrued expenses ($7,000,000).  These are the only current items.

Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000; net sales, $7,200,000; average receivables, $960,000; and net income, $720,000.  Assuming a 360-day year, what was the inventory turnover ratio for 2014?


Which costing method seems ideally suited to the production of homogenous products in continuous throughput?

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