A person may be a limited partner and a general partner in the same partnership at the same
time.
Indicate whether the statement is true or false
TRUE
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Output controls ensure that output is not lost, misdirected, or corrupted and that privacy is not violated. What are some output exposures or situations where output is at risk?
Managers develop quantity standards when they decide what amount of input should be used per unit of output
Indicate whether the statement is true or false
A corporate charter specifies that the company may issue up to 20 million shares of stock. The company sells 12 million shares to investors and later buys back 3 million shares. The current number of shares of treasury stock after these transactions have been accounted for is:
A. 3 million shares. B. 9 million shares. C. 8 million shares. D. 17 million shares.
Harkey Corporation's balance sheet and income statement appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$32 $35 Accounts receivable 74 71 Inventory 41 42 Property, plant and equipment 443 370 Less accumulated depreciation 194 164 Total assets$ 396 $ 354 Liabilities and stockholders' equity: Accounts payable$26 $28 Accrued liabilities 28 25 Income taxes payable 40 36 Bonds payable 120 170 Common stock 83 80 Retained earnings 99 15 Total liabilities and stockholders' equity$ 396 $ 354 Income StatementSales$ 923Cost of goods sold 604Gross margin319Selling and administrative expense 169Net operating income150Gain on sale of equipment 11Income
before taxes161Income taxes 48Net income$ 113Cash dividends were $29. The company sold equipment for $15 that was originally purchased for $6 and that had accumulated depreciation of $2.Required:Using the direct method, determine the net cash provided by (used in) operating activities. What will be an ideal response?