Bankruptcy judges are not Article III judges

Sea the World Cruises, Inc., began operations in January by issuing 500,000 shares of $0.10 par value common stock for $10 per share. It also issued 1,000 shares of $150 par value, 6%, cumulative preferred stock for $150 each. The journal entry to record the issuance of the preferred stock includes a ______.

a. debit Cash $9,000 b. debit Preferred Stock $150,000 c. debit Preferred Stock $9,000 d. credit Cash $9,000 e. credit Preferred Stock $9,000 f. debit Cash $150,000 g. credit Cash $150,000 h. credit Preferred Stock $150,000

Ferrero Corp manufactures gourmet dips along with potato chips flavored with Cajun spices

The market price for similar chips is $7. The management of the company desires a 30% net profit margin. The current costing data relating to this product are as follows. Direct materials $1.00 Direct labor 1.50 Manufacturing overhead 2.75 Nonmanufacturing costs 0.75 Requirement: Determine if Ferrero's current full-product costs meet its target cost. What will be an ideal response