21.Which of the following is generally NOT used as a basis for calculating bonuses or profit-sharing amounts? a) a percentage of the employees’ regular pay rates b) the company’s pre-tax income c) productivity increases d) gross sales 22.Under IFRS, a provision is a) a special fund set aside to pay long-term debt. b) unearned revenue. c) a liability of uncertain timing or amount. d) an allowance for future dividends to be paid. 23.At the time of recognition of an asset retirement obligation, the present value should be a) recorded as a separate long-term asset and as an asset retirement obligation. […]

51.On May 1, 2017, when the market value of Jay Ltd.'s common shares was $15 per share, the corporation had 100,000 no par value common shares issued and outstanding. On this day, Jay declared and issued a 15% common stock dividend. As a result of this stock dividend, Jay's total shareholders' equity a) increased by $225,000. b) decreased by $225,000. c) decreased by $15,000. d) didnot change. 52.How would total shareholders' equity be affected by the declaration of each of the following? Stock dividendStock split a) no effectincrease b) decrease              decrease c) decreaseno effect d) no effectno effect 53.Shareholders' equity […]

11.Aye Corp. sells common shares on a subscription basis. The Common Shares account should be credited when the a) shares are subscribed for. b) first payment is made. c) last payment is made. d) last payment is made and the shares are issued. 12. Subscriptions Receivable are reported as a) a non-currentasset. b) a currentasset. c) a deduction from shareholders' equity. d) either a current asset or a deduction from shareholders' equity. 13.The accounting problem in a lump sum sale of shares is the allocation of the proceeds between the classes of securities. One acceptable method of allocation is the […]

126) At Sunrise Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include: WIP beginning (50% for conversion) 19,200 units Units started 120,500 units Units completed and transferred out 116,700 units WIP ending (60% for conversion) 23,000 units Beginning WIP direct materials $35,000 Beginning WIP conversion costs $22,500 Costs of materials added $384,100 Costs of conversion added $271,125 What are the total equivalent units for conversion costs? A) 126,300 B) 139,700 C) 128,200 D) 130,500 127) At Sunrise Corporation, direct materials are added at the beginning of the process and […]

89) Assume the following amounts: Total fixed costs$24,000 Selling price per unit$20 Variable costs per unit$15 If sales revenue per unit increases to $22 and 12,000 units are sold, what is the operating income? A) $264,000 B) $60,000 C) $108,000 D) $84,000 90) If the selling price per unit is $42, the unit contribution margin is $15, and total fixed expenses are $570,000, what will the breakeven sales in units be? A) 38,000 B) 8,550,000 C) 21,111 D) 13,571 91) If the selling price per unit is $65, the variable expense per unit is $45, and total fixed expenses are […]