Nichols, Inc. has 1,000 shares of 6%, $100 par value, cumulative preferred stock and 75,000 shares of $1 par value common stock outstanding at December 31 of the current year. What is the annual dividend that will be paid to the preferred stockholders?
A.$6,000
B.$1,000
C.$100,000
D.$0. Preferred stockholders are not guaranteed an annual dividend payment.
Answer
6000
The selling price of a television is $2,000 and the cost to the retailer is $325.
What is the retailer's gross profit from the sale of the television?
A.$2,000
B.$1,675
C.$0
Answer
1675
Kathy's Corner Store has total cash sales for the month of $32,000 excluding sales taxes. If the sales tax rate is 7%, which journal entry is needed? (Ignore Cost of Goods Sold.)
A.debit Cash $34,240, credit Sales Revenue $34,240
B.debit Cash $34,240, credit Sales Revenue $32,000 and credit Sales Tax Payable $2,240
C.debit Cash $32,000 and credit Sales Revenue $32,000
D.debit Cash $29,760, debit Sales Tax Receivable for $2,240 and credit Sales Revenue for $ 32000
Answer
B.debit Cash $34,240, credit Sales Revenue $32,000 and credit Sales Tax Payable $2,240
Marjorie Company's cash balance per the books at the end of the month was $9,000. After comparing the company's records with the monthly bank statement, Marjorie's accountant identified the following reconciling items: outstanding checks, $800; deposits in transit, $700; bank service charge, $20; and NSF check, $400.
The bank collection of a note receivable was $1,500 plus interest of $130. There also was an EFT payment of $150. What is the adjusted book balance at the end of the month?
A.$8,900
B.$10,210
C.$10,080
D.$ 10060
Answer
D.$ 10060
A business purchased office supplies of $22,000 on account. The business would:
A.
debit Supplies for $22,000 and credit Accounts Payable for $22,000.
B.debit Supplies for $22,000 and credit Cash for $22,000.
C.debit Accounts Receivable for $22,000 and credit Supplies for $22,000.
D.debit Accounts Payable for $22,000 and credit Supplies for $22,000.
Answer
A.
debit Supplies for $22,000 and credit Accounts Payable for $22,000.
A.$6,000
B.$1,000
C.$100,000
D.$0. Preferred stockholders are not guaranteed an annual dividend payment.
Answer
6000
The selling price of a television is $2,000 and the cost to the retailer is $325.
What is the retailer's gross profit from the sale of the television?
A.$2,000
B.$1,675
C.$0
Answer
1675
Kathy's Corner Store has total cash sales for the month of $32,000 excluding sales taxes. If the sales tax rate is 7%, which journal entry is needed? (Ignore Cost of Goods Sold.)
A.debit Cash $34,240, credit Sales Revenue $34,240
B.debit Cash $34,240, credit Sales Revenue $32,000 and credit Sales Tax Payable $2,240
C.debit Cash $32,000 and credit Sales Revenue $32,000
D.debit Cash $29,760, debit Sales Tax Receivable for $2,240 and credit Sales Revenue for $ 32000
Answer
B.debit Cash $34,240, credit Sales Revenue $32,000 and credit Sales Tax Payable $2,240
Marjorie Company's cash balance per the books at the end of the month was $9,000. After comparing the company's records with the monthly bank statement, Marjorie's accountant identified the following reconciling items: outstanding checks, $800; deposits in transit, $700; bank service charge, $20; and NSF check, $400.
The bank collection of a note receivable was $1,500 plus interest of $130. There also was an EFT payment of $150. What is the adjusted book balance at the end of the month?
A.$8,900
B.$10,210
C.$10,080
D.$ 10060
Answer
D.$ 10060
A business purchased office supplies of $22,000 on account. The business would:
A.
debit Supplies for $22,000 and credit Accounts Payable for $22,000.
B.debit Supplies for $22,000 and credit Cash for $22,000.
C.debit Accounts Receivable for $22,000 and credit Supplies for $22,000.
D.debit Accounts Payable for $22,000 and credit Supplies for $22,000.
Answer
A.
debit Supplies for $22,000 and credit Accounts Payable for $22,000.
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