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Indicate whether the statement is true or false
True
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In the context of financial securities, one of the disadvantages ofcertificates of deposit is that they are not insured by theFederal Deposit Insurance Corporation (FDIC).
Answer the following statement true (T) or false (F)
Given the following information about a corporation's current year activities, compute the retained earnings for the current year. Retained earnings, December 31 (prior year)$280,000Cost of goods sold$90,000Other operating expenses$54,000Cash dividends$31,800Correction of understatement of net income in prior ?period (inventory error)$23,000Stock dividends$20,000Net income$36,000
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When ownership is shared between foreign partners it is known as a:
a. wholly owned subsidiary b. joint subsidiary c. licensing agreement d. foreign partnership e. none of the other choices are correct
The British subsidiary of a U.S. company reported cost of goods sold of 75,000 pounds (sterling) for the current year ended December 31. The beginning inventory was 10,000 pounds, and the ending inventory was 15,000 pounds. Spot rates for various dates are as follows: Date beginning inventory was acquired$1.60=1 pound Rate at beginning of the year$1.58=1 pound Weighted average rate for the year$1.50=1 pound Date ending inventory was acquired$1.45=1 pound Assuming the dollar is the functional currency of the British subsidiary, the remeasured amount of cost of goods sold that should appear in the consolidated income statement is:
A. $114,250. B. $108,750. C. $112,500. D. $125,700.