Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you give me the right answer choice for these questions, please? 208) Which of the following is recorded upon receipt of a payment on
Can you give me the right answer choice for these questions, please?
208) Which of the following is recorded upon receipt of a payment on April 7, 2018, by a customer who pays a $900 invoice dated March 3, 2018, with terms 2/ 10, n/60? A) Credit Purchase Discounts $18 C) Debit Cash $900 B) Debit Sales Discounts $18 D) Credit Accounts Receivable S882 209) Date Quantity 20 15 25 20 Price March1Beginning Inventory March 7 March 11 March 12 Purchase At is gross profit using LIFO cost flow assumptions? S2 Purchase Sale A) S120 B) S105 C) $175 D) $80 210) Temporary accounts are found A) On neither the Balance Sheet and Income Statements B) On the Balance Sheet C) On the Income statesmen D) On both the Balance Sheet and Income Statements 211) Which is true about the Cash Flow Statement? A) It shows all significant changes to the company, including noncash items B) It only shows items that are cash flows to the firm. 212) In an installment loan A) later payments pay the same principal as earlier payments B) later payments pay less principal than earlier payments C) later payments pay more principal than earlier payments D) it depends on the interest rate 21 3 ) ABC issues l ,000 shares of6%, $100 par value preferred stock at the beginning of 2017, All remaining shares are common stock. The company was not able to pay dividends in 2017 hut plans to pay dividends of S18,000 in 2018. Assuming the preferred stock is cumulative, how much of the $18,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2018? A) S6,000 to preferred stockholders and $12,000 to common stockholders. B) S9,000 to preferred stockholders and $9,000 to common stockholders. C) S12,000 to preferred stockholders and $6,000 to common stockholders. D) $18,000 to preferred stockholders and $0 to common stockholders. 214) Both cash dividends and stock dividends A) Reduce total liabilities C) Reduce total stockholders' equity B) Reduce retained earnings. D) Reduce total assetsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started