In American Needle Inc. v. National Football League, the 32 football teams were treated as a single entity because they belonged to the same sports league.
Answer the following statement true (T) or false (F)
False
The 32 teams were each treated as a separate entity.
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An opportunity cost is the potential benefit lost by taking a specific action when two or more alternative choices are available.
Answer the following statement true (T) or false (F)
Data processing systems that performed record-keeping functions that mimicked existing manual procedures were called ______.
a. file-oriented data structures b. small database structures c. data warehouses d. electronic data storage
Under the U.S. method of translation procedures, if the financial statements of the foreign subsidiary of a U.S. company are maintained in the local currency, and the local currency is the functional currency, then:
A) the translation method to be used is not obvious. B) translation is accomplished through the temporal method. C) translation is not required. D) translation is accomplished through the current rate method.
The most recent balance sheet and income statement of Penaloza Corporation appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$47 $39 Accounts receivable 49 55 Inventory 36 39 Property, plant, and equipment 474 370 Less accumulated depreciation 250 218 Total assets$ 356 $ 285 Liabilities and stockholders' equity: Accounts payable$36 $35 Accrued liabilities 27 25 Income taxes payable 36 44 Bonds payable 88 80 Common stock 45 40 Retained earnings 124 61 Total liabilities and equity$ 356 $ 285 Income StatementSales$ 773Cost of goods sold 468Gross margin305Selling and administrative expense 189Net operating income116Income taxes 35Net income$
81The company paid a cash dividend of $18. It did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.The net cash provided by (used in) investing activities for the year was: A. $72 B. $(104) C. $(72) D. $104