Foreign-based production facilities offer many advantages to an investing company if the foreign market is small
Indicate whether the statement is true or false
FALSE
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On January 3, Kostansas Corporation purchased 5,000 shares of Morton, Inc. for $40 per share. These shares represent a 40% ownership in Morton, Inc. Prepare the journal entry Kostansas Corporation should record for the purchase of this investment.
What will be an ideal response?
A bailment implied by law
a. is a result of an express agreement. b. must contain all the essential elements of a contract. c. occurs when you check a coat with a cloakroom attendant. d. occurs when you find a lost necklace.
Sylvia Corporation sold 12,500 units of its single product during the year, reporting a cost of goods sold that totaled $250,000. A review of the company's accounting records disclosed the following information:Cost of goods sold as a percentage of sales revenue40%Finished goods, Jan. 1$87,000Work-in-process, Dec. 3155,000Cost of Goods Manufactured241,000Raw materials used40,000Direct labor74,000Manufacturing overhead122,000Selling and administrative expenses 310,000Sylvia is subject to a 30% income tax rate.Required:A. Determine the selling price per unit.B. Management established a goal at the beginning of the year to reduce the company's investment in finished-goods inventory and work-in-process inventory.1. Analyze cost of goods sold and determine if management's goal was achieved
with respect to finished-goods inventory. Show computations.2. Analyze the firm's manufacturing costs and determine if management's goal was achieved with respect to work-in-process inventory. Show computations.C. Is the company profitable? Show calculations. What will be an ideal response?
The ________ bans "unfair or deceptive acts in commerce."
A. Excessive Bail Act B. Excessive Punishment Act C. Trade Name Amendment D. Emblems Act E. Wheeler Lea Amendment