Gross earnings and net pay are the same amounts
Indicate whether the statement is true or false
false
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Examples of recurring costs include
a. software acquisition b. data conversion c. personnel costs d. systems design
For each of the following items, indicate whether it would be classified as either an (O) operating activity, an (I) investing activity, a (F) financial activity, or a significant (N) noncash financing and investing activity.________ (1) Cash sales of merchandise.________ (2) Sale of land for cash.________ (3) Signed a note payable in exchange for cash.________ (4) Purchased supplies for cash.________ (5) Paid cash to settle an account payable.________ (6) Purchased a warehouse in exchange for shares of its stock.________ (7) Paid interest on a note payable.________ (8) Reissued treasury stock.________ (9) Purchased equipment for cash.________ (10) Purchased equipment in exchange for a 6-month note payable.
What will be an ideal response?
Budgets assign resources and the responsibility to use them wisely to managers who are held accountable for their results
Indicate whether the statement is true or false
Tweedle Corporation's most recent balance sheet and income statement appear below:Balance SheetDecember 31, Year 2 and Year 1(in thousands of dollars)AssetsYear 2Year 1Current assets: Cash$140 $130 Accounts receivable, net 200 210 Inventory 150 180 Prepaid expenses 20 20 Total current assets 510 540 Plant and equipment, net 950 910 Total assets$1,460 $1,450 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$130 $150 Accrued liabilities 70 70 Notes payable, short term 70 60 Total current liabilities 270 280 Bonds payable 170 190 Total liabilities 440 470 Stockholders' equity: Common stock, $1 par value 200 200 Additional paid-in
capital 320 320 Retained earnings 500 460 Total stockholders' equity 1,020 980 Total liabilities & stockholders' equity$1,460 $1,450 Income StatementFor the Year Ended December 31, Year 2(in thousands of dollars)Sales (all on account)$1,190 Cost of goods sold 710 Gross margin 480 Selling and administrative expense 226 Net operating income 254 Interest expense 25 Net income before taxes 229 Income taxes (30%) 69 Net income$160 The debt-to-equity ratio at the end of Year 2 is closest to: A. 0.43 B. 0.17 C. 0.24 D. 0.54