Arguments favoring social responsibility of business entities include all but which of the following?
A) Corporations are subject to a higher standard of accountability than are public bodies.
B) Limited liability granted to corporations carries a responsibility to contribute to society's betterment.
C) Corporate involvement in social causes makes good business sense.
D) The more responsibly companies act, the less regulation the government must provide.
A
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Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement of retained earnings, and a balance sheet. There were no additional stock issuances during the year. Barry's Automotive ShopTrial BalanceDecember 31Cash$ 12,500?Accounts receivable1,500?Supplies500?Repair shop equipment27,000?Service truck33,000?Accounts payable?$2,600Common Stock?30,000Retained Earnings?8,525Dividends36,000?Service revenue?125,000Supplies expense3,425?Rent expense18,000?Utilities expense5,000?Gas expense7,200?Wages expense22,000? Totals$166,125$166,125
What will be an ideal response?
In July of this year, Sam performs financial consulting services for William. On August 1, Sam sends William a bill for $1,200. As of September 30, Sam has not heard from William. After repeated efforts to collect the fee, Sam discovers in November that William has left the state and cannot be found. If Sam is an accrual basis taxpayer, for the current year, he can deduct:
A. $- 0 -. B. an $800 ordinary loss. C. a $1,200 ordinary loss. D. a $1,200 short-term capital loss. E. a $1,200 long-term capital loss.
Conflict research is frequently a __________ of ____________
a. Survey/problems b. Tool/researchers c. Tool/managerialism d. Both b & c
In order to prepare a flexible budget:
a. the static budget must be prepared. b. estimated fixed and variable costs must be identified. c. the manager must estimate one level of activity. d. actual fixed and variable costs must be known. e. All of the answers are correct.