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82) Liquidity Asset Management Debt Profitability Acid test ratio 83) Liquidity Asset Management Debt Profitability Times interest earned 84) Liquidity Asset Management Debt Profitability Accounts receivable turnover 85) Liquidity Asset Management Debt Profitability Gross profit rate 86) Liquidity Asset Management Debt Profitability Asset turnover

  11) The financial loss that each stockholder in a corporation can incur is unlimited. 12) The death of an individual shareholder of the corporation will terminate the corporation. 13) The stockholders of a corporation have no mutual agency. 14) The Articles of Incorporation are submitted to the President of the United States. 15) Stockholders do not have to pay federal income tax on their stock dividends. 16) Corporations are subject to more government regulations than sole proprietorships and partnerships. 17) Double taxation is said to be an advantage of a corporation. 18) List and discuss the (a) advantages and […]

  11) Market value per share is the price per share a corporation pays to holders of stock when it is redeemed. 12) Book value per share is the same as par value per share. 13) Redemption value is the price at which a share of stock is bought and sold. 14) Book value per share is found by dividing total assets by total stockholders' equity. 15) Book value per share is calculated for both preferred stock and common stock. 16) When calculating book value per share, if a redemption value is not stated, market value is used instead. 17) […]

  37) Journalize the following transactions for Pets R Us:   Mar. 5Sold a truck for $10,000 that cost $15,000 and had an accumulated depreciation of $12,000. Mar. 10A machine costing $13,000 with accumulated depreciation of $10,500 was destroyed in a fire. No claim was filed.   May 15Traded in a machine costing $25,000, with $19,000 of accumulated depreciation, for a new machine costing $32,000 with a trade-in allowance of$ 9,000. 38) Prepare journal entries for the following for Bartz, Inc.   May 11Replaced the engine in a Van #1, paying cash of $5,400. May 18Paid cash for a tune-up […]

  11) Warner Enterprises was unable to collect a $1,500 note receivable plus $75 interest on the maturity date, but hoped to collect the amount in the future. Warner should record this as: A) debit Bad Debts Expense $1,500; credit Notes Receivable $1,500. B) debit Allowance for Doubtful Accounts $1,575; credit Notes Receivable $1,575. C) debit Accounts Receivable $1,500; credit Interest Income $75; credit Cash $1,575. D) debit Accounts Receivable $1,575; credit Interest Income $75; credit Notes Receivable $1,500. 12) If your customer does not pay the note at maturity, the journal entry on your books would be: A) debit […]