The Stockholders' Equity section of Deer Lakes Manor's balance sheet on January 1, 2016, appeared as follows: Common stock, $30 par, 20,000 shares issued and outstanding $ 600,000 Additional paid-in capital—Common 240,000 Retained earnings 700,000 Total stockholders' equity $1,540,000 On March 1, 2016, Deer Lakes reacquired 4,000 shares of common stock at $50 per share. All common shares were
originally sold for $42 each. How much should be reported in the treasury stock account on the March 31, 2016, balance sheet?
a. $128,000
b. $168,000
c. $200,000
d. $32,000
c
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How many guitars does Ajax need to sell each month to break even? (Round your answer up to the nearest whole guitar.)
Ajax was a professional classical guitarist until a motorcycle accident left him disabled. After long
months of therapy, he hired an experienced luthier and started a small shop to make and sell Spanish
guitars. The guitars sell for $800, and the fixed monthly operating costs are as follows:
Ajax's accountant told him about contribution margin ratios, and Ajax understood clearly that for every
dollar of sales, $0.60 went to cover his fixed costs, and anything above that point was profit.
A) 5 guitars
B) 3 guitars
C) 7 guitars
D) 8 guitars
An external issue to be considered when setting a price is
a. the quality of materials and labor. b. total demand for the product or service. c. usage of scarce resources. d. the variable costs of the product or service.
In a Japanese society, which statement regarding rank is incorrect?
a. The person of lower rank bows first and lowest. b. The higher the rank of the person you are introduced to, the lower you bow. c. When entering a room, the lowest ranking person enters first, leaving the highest ranking person to enter last. d. The middle-level manager in a large company outranks a department head from a smaller company.
Explain competence-based pay including its advantages and disadvantages. Include in your discussion the practice of broadbanding.
What will be an ideal response?