8 if Norben Company issues 6,000 shares of $5 par value common stock for $210,000, the account a. Common Stock wil be credined for $210,000 b. Paidin Capital in Excess of Par Value will be credited for $30,000 c. Paid-in Capital in Excess of Par Value will be credited for $180,000. d. Cash will be debied for $180,000 47. Dividends in arrears are dividends on a cumulative prefemed stock that have been declared but have not been paid b. non-cumulative preferred stock that have not been declared for a given period of time. c. cumulative preferred stock that have not been declared for a given period of time d common dividends that have been declared but have not yet been paid. 48. inventory turnover measures the number of times on average the inventory was sold duning the period 49. Dandy Candy Company sold is icorice division resulting in a loss of $80,000 Assuming atax rate of 25%, the loss on this disposal wl be reo ted on the noome statement at what amount? a $100,000 b. $20,000 $80,000 d $60,000 50 Boone Trading Company reported net sales of $400,000, $440,000, and $560,000 in the 2016 is the base year, what is the trend years 2016, 2017, and 2018, respectiey percentage for 20187 71% 127% 140% 110% b d. 25. With the periodic inventory system, goods available for sale must be cakculated before cost of goods sold. 26. Gross profit equals the difference between a. net income and operating expenses b sales revenue and cost of goods sold c. sales revenue and operating expenses d sales revenue and cost of goods sold plus operating expenses. 27. The primary source of revenue for a wholesaleris a investment income b service revenue. c. the sale of merchandise. d the sale of plant assets the company owns 28. The primary difflerence between a periodic and perpetual inwentory system is that a periodic system a keeps a record showing the inventory on hand at all time b. provides better control over inventories. c. records the cost of the sale on the date the sale is made d. determines the inventory on hand only at the end of the accounting period 29. If a customer agrees to retain merchandise that is defective because the seller is willing to reduce the selling price, this transaction is known as a sales a discount. b return. c contra asset d. alowance