1 POINT 2 POINTS 3 POINTS 4 POINTS 5 POINTS Choc. Creme 1 POINT 4 POINTS 3 POINTS 2 POINTS2 POINTS 3 POINTS 2 POINTS 5 POINTS 2 POINTS 3 POINTS 4.

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Presentation transcript:

1 POINT 2 POINTS 3 POINTS 4 POINTS 5 POINTS Choc. Creme 1 POINT 4 POINTS 3 POINTS 2 POINTS2 POINTS 3 POINTS 2 POINTS 5 POINTS 2 POINTS 3 POINTS 4 POINTS 5 POINTS 4 POINTS 3 POINTS 4 POINTS 5 POINTS GlazedJelly Boston Creme Cruller

The period which a current liability is expected to be paid. 1 POINT

What is less than one year?

The section of the balance sheet that shows the current maturity of long term debt. 2 POINTS

What is the current or short term liability section?

The interest charged by the bank of 5% on a 90 day note payable of $ POINTS

What is $125?

This is the journal entry when a company records a note to borrow funds from a bank. 4 POINTS

Dr. cash XX Cr. Notes Payable XX

They pay FICA tax. 5 POINTS

Who is the Employee and the Employer?

They pay FUTA and SUTA tax. 1 POINT

Who is the employer?

This is a pension plan which requires the employer to promise a certain amount of future pension payments. 2 POINTS

What is a defined benefit pension plan?

This is the journal entry to record vacation pay expense. 3 POINTS

Dr. Vacation pay expense XX Cr. Vacation Pay payable XX

This is the journal entry to record the conversion of an account payable to a note payable. 4 POINTS

Dr. A/P XX Cr. N/P XX

This employment tax has no ‘ceiling’ or cap. 5 POINTS

What is Medicare?

This is the biggest disadvantage of a corporation. 1 POINT

What is double taxation?

This is what a stock is called when a company buys back its own stock. 2 POINTS

What is treasury stock?

The cost of a product warranty liability should be recorded at this point. 3 POINTS

When the product is sold.

This is the journal entry to record a $1 par value common stock being sold for $90. 4 POINTS

What is: dr. Cash 90 cr. C/S1 Cr. PIC in excess of par 89

This is what the stock a company is allowed to issue is called in the charter. 5 POINTS

What is authorized stock?

This is the journal entry to record dividends on the declaration date. 1 POINT

Dr. Dividends XX Cr. Dividends payable XX

This is the journal entry for dividends on the date of record. 2 POINTS

What is NOTHING???

This is the journal entry when dividends are paid out. 3 POINTS

What is: Dr. Dividends Payable XX Cr. Cash XX

This is the primary purpose of a stock split. 4 POINTS

What is lowering the market price?

5 POINTS Treasury stock is recorded in which section of the balance sheet and what type of balance does it carry?

What is Shareholder’s equity and Debit balance?

This is the number of shares outstanding after a company with 60,000 shares of $35 par value stock after a 3 for 1 split. 1 POINT

What is 180,000 shares?

This is what a bond sells for when the market rate is greater than the contract rate. 2 POINTS

What is a discount?

If you get more money for your bond than the face value stated on your bond, what must it have been sold at? 3 POINTS

What is a premium?

This is the journal entry made on the date of the bond issue assuming the contract rate equals the market rate. 4 POINTS

Dr. Cash XX Cr. Bonds payable XX

These are the three components that are needed to calculate any type of interest. 5 POINTS

What is: Principal x Interest Rate x Time

CATEGORY: Earnings per share MAKE YOUR WAGER!

ANSWER: For the year that just ended, a company reports net income of $1,300,000. There are 750,000 shares authorized, 700,000 shares issued, and 600,000 shares of common stock outstanding. Preferred dividends are $100,000. This is the earnings per share.

QUESTION What is $2.00?