There are some liabilities, such as income tax payable, for which the amounts must be estimated. Failure to estimate these amounts and record them would be a violation of the
a. matching principle
b. convention of conservation
c. practice of consistency
d. concept of historical cost
a
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According to the text, the last step in the report preparation and presentation process is ________
A) problem definition B) data analysis C) recommendations D) research follow-up E) reading of the report by the client
The faculty ____ divided on the tuition increase and its effect on the teacher-student ratio
A) was B) were C) is
A sales representative at Oxtren, Inc orally told the purchasing agent at Wety, Inc that its industrial saw is exceptional. Which statement is correct concerning the claim that the saw is exceptional?
a. The claim is an express warranty. b. The claim is an implied warranty of merchantability. c. The claim is not a warranty because it is not in writing. d. The claim is not a warranty because it is sales puffery.
Symons Corporation has provided the following financial data:Balance SheetDecember 31, Year 2 and Year 1AssetsYear 2Year 1Current assets: Cash$225,000 $160,000 Accounts receivable, net 191,000 180,000 Inventory 96,000 110,000 Prepaid expenses 91,000 80,000 Total current assets 603,000 530,000 Plant and equipment, net 810,000 840,000 Total assets$ 1,413,000 $ 1,370,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$226,000 $190,000 Accrued liabilities 66,000 70,000 Notes payable, short term 54,000 50,000 Total current liabilities 346,000 310,000 Bonds payable 170,000 170,000 Total liabilities 516,000 480,000 Stockholders'
equity: Common stock, $5 par value 250,000 250,000 Additional paid-in capital 70,000 70,000 Retained earnings 577,000 570,000 Total stockholders' equity 897,000 890,000 Total liabilities & stockholders' equity$ 1,413,000 $ 1,370,000 Income StatementFor the Year Ended December 31, Year 2Sales (all on account)$1,260,000 Cost of goods sold 760,000 Gross margin 500,000 Operating expenses 473,429 Net operating income 26,571 Interest expense 13,000 Net income before taxes 13,571 Income taxes (30%) 4,071 Net income$ 9,500 Dividends on common stock during Year 2 totaled $2,500. The market price of common stock at the end of Year 2 was $2.01 per share.The company's earnings per share for Year 2 is closest to: A. $11.54 per share B. $0.27 per share C. $0.19 per share D. $0.53 per share