Discount on Bonds Payable is a contra liability account
a. True
b. False
Indicate whether the statement is true or false
True
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Consider Figure 6.2. The South Korean subsidy ______________ Mexican manufacturers, since their producer surplus ______________ by $______________.
a. helps, rises, $60 b. helps, rises, $100 c. hurts, falls, $60 d. hurts, falls, $100
A production supervisor's salary that does not vary with the number of units produced is an example of a fixed cost
Indicate whether the statement is true or false
Quick response results in the manufacturer making a lower profit in the short term if all else is unchanged
Indicate whether the statement is true or false.
Johnson Inc. owns control over Kaspar Inc. Johnson reports sales of $400,000 during 2018 while Kaspar reports $250,000. Kaspar transferred inventory during 2018 to Johnson at a price of $50,000. On December 31, 2018, 30% of the transferred goods are still held in Johnson's inventory. Consolidated accounts receivable on January 1, 2018 was $120,000, and on December 31, 2018 is $130,000. Johnson uses the direct approach in preparing the statement of cash flows. How much is cash collected from customers in the consolidated statement of cash flows?
A. $590,000. B. $635,000. C. $610,000. D. $625,000. E. $650,000.