A state constitutional provision conflicts with a valid federal statute. Under the Supremacy Clause:
A) the federal statute is supreme.
B) the state constitutional provision is supreme.
C) the federal statute is supreme if Congress has expressly so provided.
D) the state constitutional provision is supreme if it expressly so states.
A
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Lewis Corporation reported the following information for the year ended December 31, 2016: Net income $ 10,000 Dividends 6,000 Retained earnings at December 31, 2016 25,000 What was the economic effect of the payment of Lewis' dividends?
a. The dividend reduced net income for 2016. b. The dividend should be equal to net income if the company's accounting equation is in balance. c. The dividends reduce total retained earnings for the year. d. The dividends must be paid whenever Raymond Corp. reports net income.
Fashion Company reported the following: Common stock, $3 par, 10,000 shares authorized, 5,000 shares issued and outstanding What is the effect of a 10% stock dividend if the market price of the common stock is $30 per share when the dividend is declared?
a. Retained earnings in the amount of $15,000 is transferred to the contributed capital accounts. b. Cash decreases $30,000. c. Additional Paid-in Capital decreases $30,000. d. A stock dividend has no effect on any stockholders' equity accounts.
A sustaining innovation can be ______.
A. radical B. done only infrequently C. targeted toward potential future markets D. difficult to introduce
Which of the following is a reason for not using the specific identification method?
A) It is impractical to keep track of the purchase and sale of individual items. B) Deciding which of many identical items sold would be arbitrary. C) Deciding whether lower or higher-priced identical items sold could be a means of manipulating income. D) All of these are reasons for not using the specific identification method.