Takenson Corp is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales $500,000 Purchases 225,000 Inventory (beginning) 16,000 Inventory (ending) 30,000 Operating Expenses 148,000 Income Tax Expense 10,000 Retained Earnings (beginning) 53,000 Dividends 15,000 Refer to the information for Takenson Corp Calculate net income
a. $289,000
b. $131,000
c. $141,000
d. $116,000
b
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Under the common law, airlines were entitled to liens to secure the reasonable value of the services they perform because they:
A. made all their profits only through such liens. B. were required by law to provide the service to anyone who seeks it. C. provided labor to improve personal property that belongs to someone else. D. provided food and lodging to their customers.
Answer the following statements true (T) or false (F)
1. The structure of an organization has very little impact on the behavior of employees. 2. An organization’s structure affects how successfully it can coordinate and accomplish its work activities. 3. In a mechanistic model, decision-making is participative and distributed throughout the organization. 4. The matrix structure combines both divisional and functional departmentalization with dual lines of authority.
Which of the following is NOT true regarding restructuring charges?
a. Restructuring charges reflect a loss in asset values of assets no longer consistent with a company's strategic plan. b. Severance pay for employees working at terminated operations may be a component of restructuring charges. c. Restructuring charges may include plant closing costs. d. Restructuring charges are reported as extraordinary items.
Under the Securities Act of 1933, accountants who assist in the preparation of the registration statement are civilly liable if the registration statement:
A. Contains untrue statements of material fact B. Omits information that if not given makes the facts stated misleading C. Omits material facts required by statute or regulation D. All of the above