Shaylash bought 250 shares of stock at $31.38 per share. Several months later he sold the stock at $45.65 per share. His broker charges 4% commission for round lots and 5% for odd lots. Calculate the gain or loss on the transaction. (Show loss in parentheses)
A) $10,933.19
B) $8,174.49
C) $2,758.69
D) ($2,758.69)
C
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How does the text recommend that a company operate if it wants to be successful in the information age?
A. Interdependently between departments. B. Together as one department with little or no independence. C. Functionally independent between departments. D. Each department acting as its own individual business unit.
Which of the following statements about personal financial statements is true?
a. Estimated sales commissions should not be considered in determining current values. b. In arriving at valuations for equity securities, the size of the holdings should not be considered in arriving at current values. c. Tax liability is estimated on the difference between the stated amounts and tax basis amounts of reported assets and liabilities. d. Current values can be used for assets and liabilities only when historical cost cannot be determined.
Based on the information in the following income statement and balance sheet for Monterey Corporation, determine the cash flows from operating activities using the direct method.Monterey CorporationIncome StatementFor Year Ended December 31, Year 2Sales? $ 504,000Cost of goods sold 327,600 ?Depreciation 42,000 ?Other operating expenses 125,500 (495,100)Other gains (losses):?? Gain on sale of equipment? 7,200Income before taxes? 16,100Income tax expense? (4,800)Net income? $ 11,300Monterey CorporationBalance SheetsAt December 31? Year 2Year 1Cash $64,650 $55,800Accounts receivable 21,000 29,000Inventory 58,000 52,100 Equipment 240,000 222,000 Accumulated depreciation (106,000)
(96,000)Total assets $277,650 $262,900??? Liabilities:?? Accounts payable $28,400 $23,700 Income taxes payable 1,050 1,200 Total liabilities $29,450 $24,900Equity:?? Common stock $106,000 $106,000 Paid-in Capital in Excess of Par 18,000 18,000 Retained earnings 124,200 114,000 Total equity $248,200 $238,000Total liabilities and equity $277,650 $262,900 What will be an ideal response?
Which of the following statements is INCORRECT concerning the effective use of graphics?
a. Text and graphics work together in an effective document, as both are important to clear understanding. b. Three or four pages of well-designed graphics can effectively convey several hundred pages of text. c. Graphics can be used to convey both quantitative and qualitative information. d. The term "graphics" in business reports refers exclusively to the use of bar charts, line charts, and pie charts.