Choc. Creme
Cruller
Boston Creme
Jelly
Glazed
1 POINT
1 POINT
1 POINT
1 POINT
1 POINT
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1 POINT
The period which a current liability is
expected to be paid.
What is less than one year?
2 POINTS
The section of the balance sheet that shows
the current maturity of long term debt.
What is the current or short
term liability section?
3 POINTS
The interest charged by the bank of
5% on a 90 day note payable of
$10000
What is $125?
4 POINTS
This is the journal entry when a company
records a note to borrow funds from a bank.
Dr. cash
XX
Cr. Notes Payable XX
5 POINTS
They pay FICA tax.
Who is the Employee and the
Employer?
1 POINT
They pay FUTA and SUTA tax.
Who is the employer?
2 POINTS
This is a pension plan which requires the
employer to promise a certain amount of
future pension payments.
What is a defined benefit
pension plan?
3 POINTS
This is the journal entry to record vacation
pay expense.
Dr. Vacation pay expense XX
Cr. Vacation Pay payable XX
4 POINTS
This is the journal entry to record the
conversion of an account payable to a note
payable.
Dr. A/P XX
Cr. N/P XX
5 POINTS
This employment tax has no ‘ceiling’ or cap.
What is Medicare?
1 POINT
This is the biggest disadvantage of a
corporation.
What is double taxation?
2 POINTS
This is what a stock is called when a
company buys back its own stock.
What is treasury stock?
3 POINTS
The cost of a product warranty liability
should be recorded at this point.
When the product is sold.
4 POINTS
This is the journal entry to record a $1 par
value common stock being sold for $90.
What is:
dr. Cash 90
cr. C/S
1
Cr. PIC in excess of par 89
5 POINTS
This is what the stock a company is allowed
to issue is called in the charter.
What is authorized stock?
1 POINT
This is the journal entry to record dividends
on the declaration date.
Dr. Dividends XX
Cr. Dividends payable XX
2 POINTS
This is the journal entry for dividends on the
date of record.
What is NOTHING???
3 POINTS
This is the journal entry when dividends are
paid out.
What is:
Dr. Dividends Payable XX
Cr. Cash XX
4 POINTS
This is the primary purpose of a stock split.
What is lowering the market
price?
5 POINTS
Treasury stock is recorded in
which section of the balance
sheet and what type of balance
does it carry?
What is Shareholder’s equity and
Debit balance?
1 POINT
This is the number of shares outstanding
after a company with 60,000 shares of $35
par value stock after a 3 for 1 split.
What is 180,000 shares?
2 POINTS
This is what a bond sells for when the
market rate is greater than the contract rate.
What is a discount?
3 POINTS
If you get more money for your bond than
the face value stated on your bond, what
must it have been sold at?
What is a premium?
4 POINTS
This is the journal entry made on the date of
the bond issue assuming the contract rate
equals the market rate.
Dr. Cash XX
Cr. Bonds payable XX
5 POINTS
These are the three components that are
needed to calculate any type of interest.
What is:
Principal x Interest Rate x Time
CATEGORY:
Earnings per share
MAKE YOUR WAGER!
ANSWER:
For the year that just ended, a company
reports net income of $1,300,000. There are
750,000 shares authorized, 700,000 shares
issued, and 600,000 shares of common stock
outstanding. Preferred dividends are
$100,000. This is the earnings per share.
QUESTION
What is $2.00?