Stockholders of a corporation directly elect the president of the corporation th
ID: 2485244 • Letter: S
Question
Stockholders of a corporation directly elect the president of the corporation the board of directors the treasurer of the corporation all of the employees of the corporation In the balance sheet the account Premium on Bonds Payable is added to Bonds Payable. deducted from Bonds Payable classified as a stockholders' equity account classified as a revenue account Liabilities are generally classified on a balance sheet as tangible liabilities and intangible liabilities current liabilities and long-term liabilities small liabilities and large liabilities present liabilities and future liabilities. Which of the following is not a significant dale with respect to dividends? The record date The incorporation date The payment date The declaration date At October I, 2015, Padilla Industries had an accounts payable balance of $40,000 During the month. the company made purchases on account of $33,000 and made payments on account of $4S.0()0 At October 31. 2015. the accounts payable balance is $25,000. $55,000. $121,000. $41,000. The operating expense section of an income statement for a wholesaler would not include cost of goods sold. utilities expense. insurance expense. freight-out. A current asset is the last asset purchased by a business. an asset which is currently being used to produce a product or service. usually found as a separate classification in the income statement. an asset that a company expects to convert to cash or use up within one year.Explanation / Answer
14 In the Balance Sheet the account Premium on bond payable is A) added to the bond payable The unamortized premium on bonds payable will have a credit balance that increases the carrying amount (or the book value) of the bonds payable. The unamortized discount on bonds payable will have a debit balance and that decreases the carrying amount (or book value) of the bonds payable. 15 Liabilities are generally classified on balance sheet as B) Current Liabilitis and Long term libilities 16 B) Incorporation date is not significant date with respect to dividend The declaration date is the date that the dividend is announced by the Board of Directors. On the date of record, the company will determine its shareholders, or "holders of record," and the company will use this date to establish to whom it will send financial reports, proxy statements and other information The payment date is the scheduled date on which a declared dividend will be paid. Only shareholders who owned the stock before the ex-dividend date are entitled to the dividend. 17) 01.10,2015 Account Payable $40,000 Add: purchases $33,000 Less: Payment Made ($48,000) 31.10.2015 Cl. Bal of Account payable $25,000 Ans is A) $25000 18) Operating expenses are those expenditures that are incurred in any activities not directly associated with the production of goods or services A) COGS is an expense which is directly related related with production of goods, and not indirecttly, hence A is the correct answer 19) Current assets are the assets which can be converted into cash within 1 yr Therefore answer is D