Information obtained prior to the issuance of the current period's financial statements of a company indicates that it is probable that, at the date of the financial statements, a liability will be incurred for obligations related to product warranties on products sold during the current period. During the past three years, product warranty costs have been approximately 1 1/2 percent of annual
sales revenue. An estimated loss contingency should be
a. neither accrued nor disclosed in the financial statements.
b. recognized as an appropriation of retained earnings.
c. accrued in the accounts and reported in the financial statements.
d. disclosed in the financial statements but not accrued.
C
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What sales price would allow the CEO to achieve the target profit if the cost-plus pricing method is used? (Round your answer to nearest cent.) Show all computations.
Murong Enterprises is a price-setter that uses the cost-plus pricing approach. The products are specialty components used in industrial equipment. The CEO is certain that the company can produce and sell 500,000 units per year, due to the high demand for the product. Variable costs are $3.25 per unit. Total fixed costs are $860,000 per year. The target operating income for the year is $150,000.
The prospect says, "I like your company's accounting software package, but our employees just don't have the time to learn a new system." This is an example of a ________ objection.
A. conditional B. product C. stalling D. source E. dodging
The cost of the business process is the cost of the inputs plus the cost of the outputs.
Answer the following statement true (T) or false (F)
Who developed the three-stage model of organizational socialization discussed in the textbook?
a. Daniel Feldman b. Jennifer Heinrich c. Armand V. Feigenbaum d. Peter Drucker