Culpepper Inc had the following information related to last year's sales: Cash sales $245,000 Credit sales 150,000 Accounts receivable - beginning 21,500 Accounts receivable - ending 15,000 What amount would be reported as "cash collections from customers" on the statement of cash flows using the direct method?
A) $238,500
B) $431,500
C) $401,500
D) $143,500
C
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Which of the following methods of accounting for a business combination assumes that the parent company purchases the subsidiary and must account for the acquisition as it would for the acquisition of any asset?
a. Pooling of interests b. The purchase method c. The new entity approach d. Proportionate consolidation
________ damages are the only damages that may be recovered for violations of the FTC Act
A) Treble B) Double C) Potential D) Actual
Clampett, Inc., has been an S corporation since its inception. On July 15, 2020, Clampett, Inc., distributed $50,000 to J.D. His basis in his Clampett, Inc., stock on January 1, 2020, was $30,000. For 2020, J.D. was allocated $10,000 of ordinary income from Clampett, Inc., and no separately stated items. What is the amount of income J.D. recognizes related to Clampett, Inc., in 2020?
A. $60,000. B. $10,000. C. $50,000. D. $20,000. E. None of the choices are correct.
Which of the following is not a consequence of bargaining centralization?
A. An increase in the number of issues brought to the bargaining table B. Separation between the negotiators and their constituents (the people they represent) C. Improved ability to tailor contracts to local conditions D. Decreased level of whipsawing