Some constitutional protections apply to business entities
Indicate whether the statement is true or false
True
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Which of the following is NOT true regarding specific performance?
a. It will not be granted if money damages would be adequate to compensate the injured party. b. It is granted in contracts involving unique items of personal property. c. It will be granted frequently in contracts involving the sale of goods. d. The courts will not order directly the specific enforcement of contracts for personal services.
A company has provided the following data concerning a proposed project (Ignore income taxes.): Initial investment$10,000 Annual cost savings$? Salvage value$0 Life of the project 8yearsDiscount rate 14%Net present value$1,300 Refer to Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using the tables provided.The annual cost savings must be closest to: (Round your intermediate calculations to 3 decimal places.)
A. $1,875 B. $2,436 C. $3,704 D. $4,024
The management of Bullinger Corporation would like to investigate the possibility of basing its predetermined overhead rate on activity at capacity. The company's controller has provided an example to illustrate how this new system would work. In this example, the allocation base is machine-hours and the estimated amount of the allocation base for the upcoming year is 9,000 machine-hours. Capacity is 12,000 machine-hours and the actual level of activity for the year is assumed to be 7,700 machine-hours. All of the manufacturing overhead is fixed and both the estimated amount at the beginning of the year and the actual amount at the end of the year are assumed to be $11,880 per year. For simplicity, it is assumed that this is the estimated manufacturing overhead for the year as well as the
manufacturing overhead at capacity. It is further assumed that this is also the actual amount of manufacturing overhead for the year. If the company bases its predetermined overhead rate on capacity, what would be the cost of unused capacity reported on the income statement prepared for internal management purposes? A. $1,716 B. $4,257 C. $2,541 D. $2,970
Athena Company provides employee health insurance that costs $5,000 per month. In addition, the company contributes an amount equal to 5% of the employees' $120,000 gross salary to a retirement program. The entry to record the accrued benefits for the month would include a:
A. Debit to Employee Retirement Program Payable $6,000. B. Credit to Employee Benefits Expense $11,000. C. Debit to Medical Insurance Payable $5,000. D. Debit to Employee Benefits Expense $11,000. E. Debit to Payroll Taxes Expense $11,000.