21.1.Norris company declared cash dividends of $60,000... payable $20,000 at beginning.. $25,000 in the end of the year.   ( R:  60k + 20k= 80k .. 80k – 25 = 55k.)

2.On the statement of cash flows prepared by the indirect method…  (R: anartization of premium or bonds payable

3.At the end of the fiscal year, variances from standard cost…  (R: Cost of goods sold account)

4.Which of the following statements is correct?  (R:  A .. ratio is 20 and a share of common )

5.The amount of the fixed factory overhead volume variance is:  (R: (10k hrs – (2.5k units x 3 hrs) x 0.8 per hour = 2000 / unfundable )

6.On the statement of cash flows, a $7,500 gain on the sale of fixed assets would be:  (R: Deducted from net income)

7.Which of the following ratios provides a solvency.. ( R: A.. Ratio of fixed assets..)

8.Cash receipts received from issuance.. ( R: financing activities )

9.Which items would appear.. ( R: loans of land that is condered  for public use )

10.In a common-sized income statement, 100% is the:   (R: net sales)

11.A ten year bond was issued at par for $250,000 cash. (R: financing activities)

12.If the price paid per unit differs from the standard price (R: Price variance )

13.The Lucy Corporation… 129,000… 1,548,000,… 22,000… 5.7 board feet… $12 per.. 23,500 units.   (R: 1,548,000 / 129,000 = 12 – 12 = 0 )

14.Is the wage rate paid per hr differs…   (R:  Rate Variance )

15.Preferred stock issued.. (R: A separate Schedule)

16.Which Ratio measures a company`s ability to pay:   (R: Current Ratio)

17.What represents a inflow of cash.. (R: Issuance of long term debit)

18.Favorable volume variances may be harmful when (R: Production in excess of capacity can’t be sold)

19.A building with a book value of $54,000 is sold for $63,000 cash… (R: An increase of 63,000 from investing activity  and de deduction from net income of $9,000)

20.Direct materials price = Actual price / Direct labor rate = actual rate per hr / Direct labor time = Actual direct hrs / Direct materials qnt = Actual quantity / Budgeted variable = standard variable overhead.

21.What is the direct labor rate variance?   (R:  (14 – 16) x 7,700 = 15,400 / Favorable)

22.Calculate the direct materials price variance (R: 4512,50 / unfavorable)

23.Interest expense was 80,000.. (R: (420,000 + 80,000) / 80,000 =  6,25.)

24.Which items would not be found.. (R: Purchase of treasury stock)

25.Myers Corporation has the following data… 5k… $4.50 … 4,800… $5.10 (R: 3,000 favorable (4,50 – 5.10 x 5,000))

26.The following information is available from current… (R: 175,000 + 28,000 – ( 16,000 + 21,000) = 166,000).