Ed, a vice-president of Palmette Products, Inc, buys 1,000 shares of his company's stock on June 15. His son has medical problems in September, and Ed sells the stock at a profit. Under Section 16, Ed
A)must turn over to Palmette any profits he made on the sale
B)may keep any profits on the sale since he had a good reason to sell and was not selling in order to manipulate the market.
C)may keep the profits from the sale as long as he reported his sale to the SEC within two business days.
D)may keep any profits from the sale if he did not act on secret information when he sold the shares.
A
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Which of the following statements is CORRECT?
A. Some of the cash flows shown on a time line can be in the form of annuity payments, but none can be uneven amounts. B. A time line is not meaningful unless all cash flows occur annually. C. Time lines are useful for visualizing complex problems prior to doing actual calculations. D. Time lines cannot be constructed in situations where some of the cash flows occur annually but others occur quarterly. E. Time lines cannot be constructed for annuities where the payments occur at the beginning of the periods.
A roofing company collects fees when jobs are complete. The work for one customer, whose job was bid at $3,000, has been completed as of December 31, but the customer has not yet been billed. Assuming adjustments are only made at year-end, what is the adjusting entry the company would need to make on December 31, the calendar year-end?
A. Debit Cash, $3,000; credit Roofing Fees Revenue, $3,000. B. No adjustment is required. C. Debit Cash, $3,000; credit Accounts Receivable, $3,000. D. Debit Roofing Fees Revenue, $3,000; credit Accounts Receivable, $3,000. E. Debit Accounts Receivable, $3,000; credit Roofing Fees Revenue, $3,000.
For work done during August, Printing Press Company incurred direct materials costs of $130,000 and conversion costs of $226,000 . The company employs a traditional operating philosophy. At the end of August, it was determined that the Work in Process Inventory account had been assigned $1,000 of costs, and the ending balance of the Finished Goods Inventory account was $3,000 . There were no
beginning inventory balances. How much was cost of goods manufactured during August? a. $356,000 b. $355,000 c. $353,000 d. $352,000
The contents of employees' company lockers are generally:
A. private B. not private C. subject to arbitrary searches D. under management control E. company property