4. 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

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

6. What is less than one year?

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

8. What is the current or short term liability section?

9. The interest charged by the bank of 5% on a 90 day note payable of $10000 3 POINTS

10. What is $125?

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

12. Dr. cash XX Cr. Notes Payable XX

13. They pay FICA tax. 5 POINTS

14. Who is the Employee and the Employer?

15. They pay FUTA and SUTA tax. 1 POINT

16. Who is the employer?

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

18. What is a defined benefit pension plan?

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

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

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

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

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

24. What is Medicare?

25. This is the biggest disadvantage of a corporation. 1 POINT

26. What is double taxation?

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

28. What is treasury stock?

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

30. When the product is sold.

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

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

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

34. What is authorized stock?

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

36. Dr. Dividends XX Cr. Dividends payable XX

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

38. What is NOTHING???

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

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

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

42. What is lowering the market price?

43. 5 POINTS Treasury stock is recorded in which section of the balance sheet and what type of balance does it carry?

44. What is Shareholder’s equity and Debit balance?

45. 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

46. What is 180,000 shares?

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

48. What is a discount?

49. 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

50. What is a premium?

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

52. Dr. Cash XX Cr. Bonds payable XX

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

54. What is: Principal x Interest Rate x Time

56. CATEGORY: Earnings per share MAKE YOUR WAGER!

57. 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.

58. QUESTION What is $2.00?