In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the "Total raw materials available" is computed by adding together the "Beginning raw materials inventory" and:
A. Raw materials used in production
B. Indirect materials included in manufacturing overhead
C. Ending raw materials inventory
D. Purchases of raw materials
Answer: D
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Martin Corporation granted an incentive stock option to employee Caroline on January 1, 2012. The option price was $150, and the FMV of the Martin stock was also $150 on the grant date. The option allowed Caroline to purchase 160 shares of Martin stock. Caroline exercised the option on August 1, 2016, when the stock's FMV was $250. Unless otherwise stated, assume Caroline is a qualifying employee. If Caroline sells the stock on September 5, 2018, for $350 per share, she must recognize (ignore alternative minimum tax)
A. long-term capital gain of $16,000 in 2018. B. long-term capital gain of $32,000 in 2018. C. ordinary income of $16,000 on the exercise date and a long-term capital gain of $16,000 in 2018. D. 0. No gain or loss is recognized at exercise or sale with incentive stock options.
In January 2014, Western Co purchased a patent for $750,000 that had an estimated remaining economic life of ten years. On January 2, 2017, the company incurred $140,000 in legal fees to successfully defend the validity of the patent. In January 2019, the company incurred $88,000 in legal fees in a new infringement lawsuit. In this situation, the lawsuit was lost, and the patent was determined to
be worthless as a result. What is the expense to be recognized in 2019 by Western with regard to the patent? A) $750,000 B) $150,000 C) $475,000 D) $563,000
The credit department
a. prepares credit memos when goods are returned b. approves credits to accounts receivable when payments are received c. authorizes the granting of credit to customers d. none of the above
The U.S. Constitution reserves to the federal government all powers not granted to the states
Indicate whether the statement is true or false