17) Refer to the information above. The journal entry made by Canfield to record

Question

17) Refer to the information above. The journal entry made by Canfield to record the sale of the completed Jefferson Apartments project to King Development Company for $5.250,000 would include: A) A debit to Sales of $5,250,000. B) A debit to Finished Goods Inventory of $975,000. C) A debit to Cost of Goods Sold of $2,625,000. D) A credit to Finished Goods Inventory of $975,000. 18) At the end of the accounting period, applied overhead was larger than actual overhead by a material A) Apportioned among Work in Process Inventory, Finished Goods Inventory, and Cost of amount. The over-applied overhead should be: Goods Sold. B) Treated as an extraordinary loss. C) Treated as an extraordinary gain. D) Ignored, actual overhead is determined only for internal control purposes. 19) Extraordinary items are found on the income statement: A) After discontinued operations. B) After prior period adjustments. C) Before income from continuing operations. D) Before discontinued operations. 20) Which of the following items would be included in the discontinued operations section of the income statement? A) The gain or loss on disposal of the segment. B) Only losses and not gains on the disposal of a segment. C) Income or loss from operating the segment prior to its disposal. D) Both the income or loss from operating the segment prior to its disposal, and the gain or loss on disposal of the segment. 21) The amount of earnings per share is usually computed: A) On the basis of the number of shares outstanding at year-end, regardless of changes in the number of shares during the year B) By dividing net income by the combined number of preferred and common shares. C) For both preferred and common stock. D) For common stock by deducting the dividends on preferred stock from net income and dividing the remaining amount by the weighted average number of common shares outstanding 22) On January 1, 2015, Carleton Corporation had 55,000 shares of $6 par value common stock outstanding. On March 31, 2015, Carleton issued an additional 10,000 shares in exchange for a building. What number of shares will be used in the computation of earnings per share for the y 2015? A) 62,500. B) 62,000. C) 65,000. D) 55,000.

Explanation / Answer

17. C. A debit to Cost of Goods Sold of $ 2,625,000.

18. A. Apportioned among Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold.

19. A. After discontinued operations.

20. D

21. D.

22. A. 62,500

[ 55,000 x 12/12 + 10,000 x 9/12 = 62,500 shares]

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.