Markus Industries is authorized by its corporate charter to issue 10,000 shares of preferred stock with a 7% dividend rate and a par value of $10 per share, and 25,000 shares of common stock with a par value of $2 per share. On January 15, 2011, Markus issued 400 shares of its preferred stock for $14 per share and 5,000 shares of common stock for $2.50 per share.
How much total cash did Markus raise through the January 15, 2011, stock issuance?
How are these journal entries recorded?
Smith Corp. has a $6,000 favorable flexible budget variance for January. If January’s flexible budget net income was $100,000, which of the following statements is true?
A. Smith’s static budget must have showed net income of $106,000.
B. Smith’s static budget must have showed net income of $94,000.
C. Smith’s actual net income must have been $106,000
D. Smith’s actual net income must have been $94,000.Sampson Apparel Incorporated incurred actual variable overhead expenses of $62,000 in the current year for the production of 10,000 units. Variable overhead was applied at a rate of $2.00 per direct labor hour and 3 direct labor hours were budgeted for each unit. The company used 29,000 direct labor hours for production. What was Sampson’s variable overhead spending variance?
A. $4,000 U
B. $4,000 F.
C. $2,000 U.
D. $2,000 F.
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