Financial information exhibits the characteristic of consistency when: Question 6
What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States?
Question 7
Starr Co. had sales revenue of $ 609,500 in 2012. Other items recorded during the year were:
Cost of goods sold $ 326,100 Wage expense 125,100 Income tax expense 28,000
Question 8
Portman Corporation has retained earnings of $ 688,540 at January 1, 2012. Net income during 2012 was $ 1,749,750, and cash dividends declared and paid during 2012 totaled
Question 9
On January 1, 2012, Richards Inc. had cash and common stock of $ 63,640. At that date the company had no other asset, liability or equity balances. On January 2, 2012, it purchased for cash $ 24,740 of equity securities that it classified as available-for-sale. It received cash dividends of $ 3,300 net of tax during the year on these securities. In
Question 10
Armstrong Corporation reported the following for 2012: net sales $ 1,249,000; cost of goods sold $ 757,900; selling and administrative expenses $ 325,400; and an unrealized
Question 11