Corporation codes regulate the formation, operation, and dissolution of corporations.
Answer the following statement true (T) or false (F)
True
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Wilmeth Transport Services reports total revenues of $45,800 and total expenses of $57,890 . When closing the Income Summary account, the accountant would
a. credit Income Summary, $12,090. b. debit Income Summary, $12,090. c. debit T. Wilmeth, Capital, $103,690. d. credit T. Wilmeth, Capital, $12,090.
Liabilities are established with debits and eliminated with credits
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. Because immigration is tightly controlled, the vast majority of immigrants to the U.S. are skilled workers. 2. U.S. trade policy has tended to focus on reducing tariffs and other barriers to trade. 3. Relying on corporate codes of conduct to establish fair labor standards in an international market is a lot like relying on human resource policies to establish fair labor standards in a domestic market. 4. Compared to other economic integration agreements, like NAFTA, one can say that the European Union has the greatest degree of integration. 5. The North American Free Trade Agreement includes a common monetary and fiscal policy between member nations.
The IRU Company manufactures traditional wooden pencils. They have determined their variable cost/unit to be $0.012/pencil. Fixed costs, however, are quite high because of old processing equipment and costly packaging
The fixed costs are estimated at $140,000/month. IRU sells their pencils at a price of $13.248/gross. (There are 144 pencils in a gross.) How many grosses of pencils must be sold annually to break even?