In which of the following independent situations has Jean made a gift?
A. She gives her 19-year old son $20,000 to use for his college expenses.
B. She buys her nondependent grandfather a new $120,000 RV for his birthday.
C. She sends $44,000 to Collins University to cover her nephew’s tuition. The nephew does not qualify as Jean’s dependent.
D. She contributes $10,000 to her U.S. Senator’s reelection campaign.
Answer: B
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Swisher, Incorporated reports the following annual cost data for its single product:Normal production level 30,000unitsDirect materials$6.40per unitDirect labor$3.93per unitVariable overhead$5.80per unitFixed overhead$150,000in total This product is normally sold for $48 per unit. If Swisher increases its production to 50,000 units, while sales remain at the current 30,000 unit level, by how much would the company's income increase or decrease under absorption costing?
A. $60,000 increase. B. $90,000 increase. C. There is no change in income. D. $90,000 decrease. E. $60,000 decrease.
In a study of U.S. and Japanese firms in Taiwan, objective formalization was measured by ________.
A. the use of informal controls B. the use of culturally induced values in getting things done C. the extent to which goals were vague and unspecified D. the number of different documents given to employees
Funds that are available in a company's bank account until its payment check has cleared refers to
A) processing float. B) mail float. C) transit float. D) disbursing float.
A firm should take the cash discount if the firm's cost of borrowing from the bank is greater than the cost of giving up a cash discount
Indicate whether the statement is true or false