Which form does the balance sheet equation take in the United Kingdom?
a. Noncurrent Assets + Noncurrent Liabilities = Shareholders' Equity
b. Revenues - Expenses = Shareholders' Equity
c. Noncurrent Assets + [Current assets - Current Liabilities] - Noncurrent Liabilities = Shareholders' Equity
d. Noncurrent Assets - Current assets = Noncurrent Liabilities - Current Liabilities + Shareholders' Equity
C
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Because of its recent high growth in the national market, Mable Inc., an online cosmetics retailer, has divided its U.S. market into segments and is charginga flat freight rate to all customers in a given segment. In this scenario, Mable Inc. plans to adopt freight absorption pricing.
Answer the following statement true (T) or false (F)
Some companies use a work sheet approach, which functions like the T account approach, as a tool to aid in preparing the statement of cash flows
a. True b. False Indicate whether the statement is true or false
Bradley Corporation has three production departments A, B, and C. Bradley Corporation also has two service departments, Administration and Personnel. Administration costs are allocated based on value of assets employed, and Personnel costs are allocated based on number of employees. Assume that Administration provides more service to the other departments than does the Personnel Department. Dept
Direct Costs Employees Asset Value Admin. $900,000 25 $450,000 Personnel 350,000 10 600,000 A 700,000 15 300,000 B 200,000 5 150,000 C 250,000 10 800,000 Refer to Bradley Corporation. Using the step method, what amount of Administration costs is allocated to C (round to the nearest dollar)? a. $389,189 b. $145,946 c. $291,892 d. $72,973
Felix Skateboards Company uses the indirect method to prepare the statement of cash flows
Refer to the following income statement: Felix Company Income Statement Year Ended December 31, 2017 Sales Revenue $250,000 Interest Revenue 2,200 Gain on Sale of Plant Assets 5,100 Total Revenues and Gains $257,300 Cost of Goods Sold 124,000 Salary Expense 41,000 Depreciation Expense 14,000 Other Operating Expenses 23,000 Interest Expense 1,900 Income Tax Expense 5,200 Total Expenses 209,100 Net Income (Loss) $48,200 Additional information provided by the company includes the following: 1. Current assets, other than cash, increased by $20,000. 2. Current liabilities decreased by $1,500. Compute the net cash provided by (used for) operating activities. A) $26,700 B) $40,700 C) $35,600 D) $11,700