During the closing process, revenues are transferred to the debit side of the Income Summary account
Indicate whether the statement is true or false
False
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A company had net sales of $583,000 and cost of goods sold of $364,000. Its gross margin equals $947,000.
Answer the following statement true (T) or false (F)
Compute the amount of cash a company will receive from the following bond issues.Required:a) _______________ Issued $200,000 of 5-year, 8% bonds at 98b) _______________ Issued $800,000 of 4-year, 9% bonds at 95c) _______________ Issued $400,000 of 10-year, 8% bonds at 102.5d) _______________ Issued $100,000 of 5-year, 12% bonds at 103
What will be an ideal response?
Dunby, Inc is a consulting firm that offers optimal legal solutions. It allocates indirect costs using a single predetermined overhead allocation rate with direct labor hours as the allocation base. The estimated indirect costs for this year amount to $160,000. The company is expected to work 6,000 direct labor hours during the year. The direct labor rate is $200 per hour. Clients are billed at 120% of direct labor cost. Last month, Dunby's consultants spent 170 hours on Xyme, Inc What is the predetermined overhead allocation rate per direct labor hour?
A) $800 per hour B) $27 per hour C) $941 per hour D) $30 per hour
?A ratio that measures the firm's ability to meet its annual interest obligations is known as the _____.
A. ?times-interest-earned (TIE) ratio B. degree of financial leverage (DFL)? C. ?debt/assets ratio D. ?capitalization interest rate E. ?current interest ratio