Ron Landscaping's income statement reports net income of $75,300, which includes deductions for interest expense of $11,500 and income taxes of $34,900. Its times interest earned is:
A. 7.5 times
B. 0.15 times
C. 6.5 times
D. 4.0 times
E. 10.6 times
Answer: E
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Data concerning three of Kilmon Corporation's activity cost pools appear below:Activity Cost PoolTotal CostTotal ActivityAssembling products?240,300?8410?assembly hoursDesigning products$1,267,535?7627?product design hoursSetting up batches$21,600?660?batch set-upsRequired:Compute the activity rates for each of the three cost pools. (Round your answers to 2 decimal places.)Assembling products?per assembly hourDesigning products?per product design hourSetting up batches?per batch set-up
What will be an ideal response?
The promisor who substantially performs is generally entitled to the contract price less any damage the other party has suffered as a result of the defective performance.
Answer the following statement true (T) or false (F)
Which of the following is not an AICPA standard of reporting for attestation engagements?
a. The practitioner must identify the subject matter or the assertion being reported on and state the character of the engagement in the report. b. The practitioner must state the practitioner's conclusion about the subject matter or the assertion in relation to the criteria against which the subject matter was evaluated in the report. c. The practitioner must obtain sufficient evidence to provide a reasonable basis for the conclusions that is expressed in the report. d. The practitioner must state all of the practitioner's significant reservations about the engagement, the subject matter, and if applicable, the assertion related thereto in the report.
Why should a firm be aware of its competitors' distinctive competencies?
What will be an ideal response?