A firm reported year-end sales of $20 million. It listed $7 million of inventory on its balance sheet. Using a 365-day year, how many days did the firm's inventory stay on the premises?

The standard direct labor cost for producing one unit of product is 5 direct labor hours ata standard rate of pay of $16. Last month, 15,000 units were produced and 73,500 directlabor hours were actually worked at a total cost of $1,080,000.

Which of the following is not a purpose of adjusting entries? a. To establish the proper amounts of assets and liabilities in the balance sheet. b. To prepare the revenue and expense accounts for recording transactions of the following period. c.

What is the current yield for a $1,000 corporate bond that pays 7.5 percent and has a current market value of $950?

On March 1, 2018, Stratford Lighting issued 14% bonds, dated March 1, with a face amount of $300,000. The bonds sold for $294,000 and mature on February 28, 2038 (20 years). Interest is paid semiannually on August 31 and February 28.

Assume that you borrowed money from your grandmother to attend college. Your deal with her is that you will pay her $1,000 per year for the next ten years with the first payment occurring at the end of this year.

Auerbach Inc. issued 4% bonds on October 1, 2021. The bonds have a maturity date of September 30, 2031 and a face value of $300 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2022.

Brief Exercise 3-8 Included in Swifty Company's December 31 trial balance is a note receivable of $10,080. The note is a 4-month, 10% note dated October 1.

Assuming a 360-day year, when a $20,000, 90-day, 5% interest-bearing note payable matures, total payment will be a. $20,250 b. $1,000 c. $21,000 d. $250

A signed "options agreement" must be obtained from a new options customer: (A) Before the first options order (B) Within 15 days after the account has been approved for options transactions (C) No later than the settlement date of the first options

The Bankruptcy Abuse and Prevention and Consumer Protection Act limited the number of debtors who could declare which type of bankruptcy? a. chapter 7 b. chapter 13 c. chapter 12 d. chapter 15