acct

Review

1) A corporation issues $100,000 for 7%, 10-year bonds at 98.  What are the journal entries to record the sale?  What will be the total interest expense over the life of the bonds?

2) Record the issuance of 7,500 shares of $12 par value common stock at $20 per share         

3) What is total paid-in capital and how do you calculate it?

4) Journalize the following transaction:  a corporation declares a dividend of $1.50 per share on 102,000 shares of common stock.

5) What is the allocation of dividends between preferred and common shares holders given the following information:  14,600 shares of 4%, $25 par cumulative preferred stock outstanding and 235,000 shares of no-par common stock outstanding? Dividends of $27,500 are in arrears. At the end of the current year, the corporation declares a dividend of $345,000.

6) A company issued 25,000 shares of $9 common stock at $16. The company has now issued a 10% stock dividend when the market price of the stock is $20 a share. What is the journal entry to record this transaction?  How many shares are now outstanding?

7) What is the journal entry to record a treasury stock (reacquisition) transaction?

8) How do you calculate earnings per share?  Know the difference between authorized, issued and outstanding shares of common stock.

9) Know the three components of the statement of cash flows and which activities belong in each component.

10) Review the format of the statement of cash flows and subtotals and balances.  Calculate the cash flows from operating activities using the indirect method.

11) Know the calculation of the cash amount paid to suppliers for inventory purchases.

12) Know the direct method for the statement of cash flows and what is calculated in each component.

13) Define the horizontal analysis and related formulas.

14) Define the vertical analysis and related formulas

15) Calculate the current ratio

16) Distinguish between managerial and financial accounting.

17) Define the cost of goods manufactured.

18) Know the calculation for the cost of goods manufactured and the cost of goods sold for a manufacturing company.

19) Distinguish between a process and job order costing system.

20) What is the generic journal entry for over or under allocation of manufacturing overhead?

21) Define equivalent units and what they are used for in managerial accounting.

22) Calculate the cost using activity based costing.

23) Calculate the break-even point in both units and sales dollars.

24) Review the flow of creating the master budget.

25) Know how to prepare an operating budget.

26) Know the calculation of price and efficiency variances.