Briefly describe the data outflows of payroll.
What will be an ideal response?
Payroll data go to accounting; federal, state, and local agencies; benefits outsourcing firms; and individual benefit program providers. These payroll data are the input for a variety of processes in those units, so it is critical that systems interface flawlessly. Interface becomes even more complicated as external systems communicate not only with payroll but also with compensation, benefits, and other HR systems.
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Which of the following is not true?
a. Gains (losses) are increases (decreases) in assets from peripheral or incidental transactions of an entity and from other transactions and events affecting the entity except those that result from revenues (expenses) or investments by (distributions to) owners. b. Firms usually report gains and losses from sales of assets or settlements of liabilities at a net amount; that is, equal to the difference between the net asset received and the carrying value of the asset sold or between the net asset given and the carrying value of the liability settled. c. Gains and losses may arise from the remeasurement of assets and liabilities. d. Firms realize gains and losses when they sell or exchange assets or settle liabilities in market transactions. e. Firms recognize gains and losses when those items enter the measurement of net income or other comprehensive income.
Once declared, a cash or property dividend cannot be revoked
Indicate whether the statement is true or false
The North American Industry Classification System (NAICS)
A. is published by the North American Treaty Alliance. B. is top secret and cannot be shared with outsiders. C. organizes all industries in the economy into 20 broad sectors. D. will soon be replaced by the strategic industrial classification (SIC). E. has little relevance for marketers that use direct mail.
Carver Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana. Data regarding the store's operations follow:Sales are budgeted at $359,000 for November, $329,000 for December, and $309,000 for January.
Collections are expected to be 80% in the month of sale and 20% in the month following the sale. The cost of goods sold is 75% of sales. The company desires to have an ending merchandise inventory equal to 60% of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $25,600. Monthly depreciation is $17,800. Ignore taxes. Balance SheetOctober 31AssetsCash$21,700?Accounts receivable 78,800?Inventory 161,550?Property, plant and equipment, net of $506,500 accumulated depreciation 1,011,000?Total assets$1,273,050?Liabilities and Stockholders' EquityAccounts payable$276,500?Common stock 789,000?Retained earnings 207,550?Total liabilities and stockholders' equity$1,273,050??The net income for December would be: A. $56,650 B. $38,850 C. $42,750 D. $32,405