In corporations, the managers are necessarily owners

Indicate whether the statement is true or false


False

Business

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All of the following statements regarding accounting for noninfluential securities under U.S. GAAP and IFRS are true except:

A. Available-for-sale securities are accounted for using fair values with unrealized gains and losses reported in other comprehensive income. B. Held-to-maturity securities are accounted for using amortized cost. C. Both systems examine held-to-maturity securities for impairment. D. Trading securities are accounted for using fair values with unrealized gains and losses reported in other comprehensive income. E. Trading securities are accounted for using fair values with unrealized gains and losses reported in net income.

Business

Wildwoods, Inc. earned $1.50 per share five years ago. Its earnings this year were $3.20. What was the growth rate in earnings per share (EPS) over the 5-year period?

A. 15.54% B. 16.36% C. 17.18% D. 18.04% E. 18.94%

Business

For customers with strong credit ratings, Jen's furniture store offers a credit line with no interest for six months for purchases over $500. This is an example of a pricing strategy

Indicate whether the statement is true or false

Business

Memphis Company anticipates total sales for April, May, and June of $800,000, $900,000, and $950,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from credit sales during the month of May.

A. $592,500. B. $890,000. C. $652,500. D. $817,500. E. $561,500.

Business