1.) The entry to record the equal distribution of net income between two partners consists of a debit to:a.) income summary and a credit to each partner’s capital account.b.) each partner’s capital account and a credit to cash.c.) income summary and a credit to each partner’s drawing account.d.) each partner’s capital account and a credit to income summary.2.) A corporation has 2,000 shares of 10 percent, $50 par-value preferred (nonparticipating and noncumulative) stock and 20,000 shares of $5 par-value common stock outstanding. If the board of directors decides to distribute dividends totaling $150,000, the common stockholders will receive a dividend of ________ a share.a.) $7.00b.) $7.50c.) $8.00d.) $10.003.) The entry to record the issuance of bonds at face value includes a:a.) credit to bond interest payable.b.) credit to bond payable.c.) debit to bond interest expense.d.) debit to bond interest payable.7.) A firm purchased 50 units of materials with a unit price of $1.30 on June 1. On June 15, the firm purchased 50 units with a unit price of $1.20. If the firm uses the LIFO method of inventory pricing, the total cost of 65 units issued on June 20 would be:a.) $83.00b.) $79.50c.) $78.00d.) $84.508.) A firm had a beginning work in process inventory totaling $4,000 and current period costs of $22,500. Equivalent production was 5,000 units, and 3,000 units were completed and transferred to the finished goods inventory . Inventory costs would be a determined using unit cost of:a.) $8.83b.) $5.30c.) $4.50d.) $7.507.) A general consensus of analysts is that a typical investor should have _______ to ______ percent of his/her portfolio in international markets.a.) 5; 10b.) 10; 20c.) 20; 30d.) 30;409.) When analyzing stocks, the major variable of interest to a majority of investors is:a.) sales.b.) profit margins.c.) dividend yield.d.) earnings per share.
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