Liz, who is single in 2018, lives in a single family home and owns a second single family home that she rented for the entire year at a fair rental rate. Liz had the following items of income and expense during the current year.Income:Gross salary and commissions from Ace Corporation$50,000Rent received from tenant in Liz's rental house13,000Dividends received on her portfolio of stocks5,000Expenses:Interest and property taxes on her own home 9,000Taxes, interest and repair expenses on rental house3,500Depreciation expense on rental house2,300What is her adjusted gross income for the year?
A. $64,300
B. $62,200
C. $68,000
D. $53,200
Answer: B
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Answer the following statements true (T) or false (F)
1. Quality circles are now known as continuous improvement teams. 2. Problem-solving teams consist of small groups of volunteers or workers and supervisors who meet intermittently to discuss workplace- and quality-related problems. 3. About 25% of Fortune 1000 companies use some form of self-managed work teams. 4. Creating self-managed teams in the workplace has a very positive effect on job satisfaction and organizational commitment.
What is insider trading?
What will be an ideal response?
Wal-Smart ordered 500 toy trucks from Mattsel to resell in its retail store. When the shipment from Mattsel did not arrive by the contract deadline, Wal-Smart purchased 500 toy trucks from TruckCo Wal-Smart's remedy is called ________
a. cover b. correction c. breach d. cure
Lancaster Company provides services in the retail flooring industry. The following information is available for 20x5:*Twenty percent of the firm's services are for cash and the remaining 80% are on account. Of the credit services, 40% are collected in the month that the service is provided, with the remaining 60% collected in the following month.*Services provided in January are expected to total $250,000 and grow at the rate of 5% per month thereafter.*January's cash collections are expected to be $240,400, and month-end receivables are forecast at $120,000.*Monthly cash operating costs and depreciation during the first quarter of the year are approximated at $250,000 and $15,000, respectively.*Lancaster's December 31, 20x4 balance sheet revealed accounts payable balances
of $28,000. This amount is related to the company's operating costs and is expected to grow to $36,000 by the end of 20x5's first quarter. All operating costs are paid within 30 days of incurrence.*Company policy requires that a $20,000 minimum cash balance be maintained, and Lancaster's 20x4 year-end balance sheet showed that the firm was in compliance with policy by having cash of $23,000.Required: A. Determine the sales revenue earned that will appear on the income statement for the quarter ended March 31, 20x5.B. Compute the company's first-quarter cash collections.C. Compute the cash balance that would appear on the March 31, 20x5 balance sheet.D. What are some possible actions the company could pursue if, at any time during the quarter, it finds that the cash balance has fallen below the stated minimum? What will be an ideal response?