Estate planning is the act of planning how your wealth will be allocated before your death
Indicate whether the statement is true or false.
Answer: FALSE
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The use of first-person pronouns (I or we) are generally acceptable in a formal report
Indicate whether the statement is true or false
Signed into law on July 30, 2002, the ________ Act requires CEOs of publicly traded companies to vouch for the veracity of the firm's published financial statements
A) Smoot-Hawley B) Humphrey-Hawkins C) McCain-Merrill D) Sarbanes-Oxley
Which of the following is an advantage of the corporate form of organization?
A. Ownership of stock is easy to transfer. B. Forming a corporation is a complex and costly process. C. The corporation and its stockholders pay taxes on profits. D. A corporation must submit detailed information to government agencies. E. It is difficult to keep operations confidential because of required reports.
Freiman Corporation's most recent balance sheet and income statement appear below:Balance SheetDecember 31, Year 2 and Year 1(in thousands of dollars) Year 2Year 1Assets Current assets: Cash$160 $120 Accounts receivable, net 220 240 Inventory 120 130 Prepaid expenses 40 40 Total current assets 540 530 Plant and equipment, net 700 700 Total assets$ 1,240 $ 1,230 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$130 $150 Accrued liabilities 90 90 Notes payable, short term 60 70 Total current liabilities 280 310 Bonds payable 280 290 Total liabilities 560 600 Stockholders' equity: Common stock, $2 par value 100 100
Additional paid-in capital 200 200 Retained earnings 380 330 Total stockholders' equity 680 630 Total liabilities & stockholders' equity$ 1,240 $ 1,230 Income StatementFor the Year Ended December 31, Year 2(in thousands of dollars)Sales (all on account)$1,310 Cost of goods sold 780 Gross margin 530 Selling and administrative expenses 359 Net operating income 171 Interest expense 35 Net income before taxes 136 Income taxes (30%) 41 Net income$ 95 The accounts receivable turnover for Year 2 is closest to: A. 1.09 B. 5.70 C. 0.92 D. 5.95