Common-size statements:
A. Show the dollar amount of change for financial statement items.
B. Reveal patterns in data across successive periods.
C. Reveal changes in the relative importance of each financial statement item to a base amount.
D. Compare financial statements over time.
E. Do not emphasize the relative importance of each item.
Answer: C
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The Blue Saints Band is holding a concert in Toronto. Fixed costs relating to staging a concert are $350,000 . Variable costs per patron are $10.00 . The selling price for a tickets $30.00 . The Blue Saints Band has sold 23,00 . tickets so far. How many tickets does the Blue Saints Band need to sell to break even?
a. 23,000 b. 20,000 c. 14,000 d. 17,500
Equipment was purchased on June 1 at a cost of $12,000 . The asset has an estimated useful life of 4 years and no trade-in value. The straight-line depreciation that will be recorded for this equipment on December 31, the end of the year that the asset was put in service, will total:
a. $3,000 b. $2,000 c. $1,750 d. $5,000 e. $1,500
Brand-loyal customers are less forgiving of problems related to the brand, which hinders the company's ability to respond to a negative experience.
Answer the following statement true (T) or false (F)
Ted and Janet were married and owned a piece of jungle property in a tenancy by the entirety. When Janet died, her will left of all her real property to T.J., their adult son. T.J. claims he is the sole owner of the jungle property. Ted objects and files a lawsuit for sole ownership of the jungle property
a. Ted will win because property owned in a tenancy by the entirety includes rights of survivorship for the surviving spouse. Ted will get the title to the entire property. b. Ted will win only a one-half interest in the jungle property. T.J. will own the other one-half interest because Janet had the right to will her half of the property to anyone she chose. c. Ted will lose and forfeit his entire interest in the whole property because a tenancy by the entirety means that one party owns the entire property. d. T.J. will be required to sell his share in the property to Ted.