A retail manager is preparing a budget for the coming year and is considering the various costs of the retail store. What is the best approach for the manager to take when budgeting for the cost of the store's merchandise?
a. The total costs will stay the same as last year, but the unit cost will change with each sale.
b. The total cost of merchandise for the year and the unit cost will remain constant with each sale.
c. The total cost of merchandise for the year will depend on the amount of sales, but the unit cost of each sale will stay fairly constant.
d. The total costs will stay the same as last year, and the unit cost will remain constant with each sale.
C
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Alex, Bob, and Ciera are partners, sharing income 2:1:2. After selling all of the assets for cash, dividing gains and losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Alex, $10,000 Cr; Bob, $10,000 Cr; and Ciera, $30,000 Cr. How much cash should be distributed to Alex?
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Using U.S. GAAP and IFRS requirements for income tax accounting for financial reporting purposes, permanent differences
a. reverse, affect cash outflows for income taxes, and therefore affect income tax expense. b. reverse, affect cash outflows for income taxes, and therefore never affect income tax expense for any period. c. reverse, never affect cash outflows for income taxes, and therefore never affect income tax expense for any period. d. never reverse, affect cash outflows for income taxes, and therefore never affect income tax expense for any period. e. never reverse, never affect cash outflows for income taxes, and therefore never affect income tax expense for any period.