The change in each of Kendall Corporation's balance sheet accounts last year follows: IncreaseDecreaseCash and cash equivalents$3,000 Accounts receivable$2,000 Inventory $3,000 Prepaid Expenses$4,000 Long-term Investments $15,000 Property, Plant and Equipment$10,000 Accumulated Depreciation$8,000 Accounts payable $9,000 Accrued Liabilities$6,000 Bonds Payable $13,000 Common Stock$5,000 Retained Earnings$4,000 Kendall Corporation's income statement for the year was: Sales$300,000Cost of goods sold 180,000Gross margin 120,000Selling and administrative expense 116,000Net income$ 4,000?There were no sales or retirements of property, plant, and equipment and no dividends paid during the year. The
company pays no income taxes and it did not purchase any long-term investments, issue any bonds payable, or repurchase any of its own common stock. The net cash provided by (used in) operating activities on the statement of cash flows is determined using the direct method.The net cash provided by (used in) financing activities would be:
A. $(13,000)
B. $(3,000)
C. $20,000
D. $(8,000)
Answer: D
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A. Newspapers D. News syndicates B. Radio E. Magazines C. Television
The Times interest earned ratio is a good indication of:
a. the company's outstanding debt. b. the company's ability to meet its interest payments. c. the company's ability to pay back its debt. d. the company's overall debt to equity ratio. e. None of the answers are correct.
The duration of a copyright granted to a known individual, not a work done for hire, will be:
a. the life of the author plus 100 years. b. the life of the author plus 70 years. c. 75 years after the first publication. d. 100 years after the creation of the work.
Most changes will not result in serious scope changes and should be absorbed as positive or negative variances.
Answer the following statement true (T) or false (F)