The right to due process of law applies to corporations.
Answer the following statement true (T) or false (F)
True
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When computing earnings per share on common stock, dividends on cumulative, nonconvertible preferred stock should be
a. deducted from net income only if the dividends were declared or paid in the current period. b. deducted from net income regardless of whether the dividends were not paid or declared in the period. c. deducted from net income only if net income is greater than the dividends. d. ignored.
If a corporation receives assets other than cash in exchange for stock, it records the assets received at their market value.
Answer the following statement true (T) or false (F)
Benjamin Company had the following results of operations for the past year: Sales (16,000 units at $10) $160,000 Direct materials and direct labor$96,000 Overhead (20% variable) 16,000 Selling and administrative expenses (all fixed) 32,000 (144,000) Operating income $16,000 A foreign company offers to buy 4,000 units at $7.50 per unit. In addition to variable manufacturing costs, selling these units would increase fixed overhead by $600 and selling and administrative costs by $300. Assuming Benjamin's productive capacity is 16,000 units per year and it accepts the offer, its profits will:
A. Increase by $4,300. B. Decrease by $6,000. C. Decrease by $10,000. D. Increase by $9,100. E. Decrease by $10,900.
Consider the data on Inventory for Blenders Over a 20-Day Period. Any time that ending inventory falls to 15 or below, an order is placed for 30 units of the product. The lead time for delivery varies and is shown in the column under Lead Time. If the ordering costs were $32 each time the product is ordered, what are the total ordering costs during the 20-day period?
a. $114
b. $96
c. $76
d. $182