The greatest ownership interest a person may have in real property is:

a. fee simple absolute.
b. tenancy by the entireties.
c. life estate.
d. vested remainder.


a

Business

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Business

Under accrual accounting, revenues are recognized when

a. the firm has performed all, or most of, the services it expects to provide. b. the firm has received cash, or some other asset such as a receivable, whose cash-equivalent value it can measure with reasonable precision. c. the firm has significant uncertainty about the amount and timing of the cash inflows and outflows from the sales transaction. d. both a and b must be present. e. none of the above.

Business

Which of the following is an equation to determine the break-even point (BEP) in units?

A) BEP = fixed cost / selling price per unit - variable cost per unit) B) BEP = fixed cost / (selling price per unit - variable cost per unit) C) BEP = variable cost / (selling price per unit - fixed cost) D) BEP = variable cost / (fixed cost - selling price per unit) E) BEP = fixed cost / (selling price per unit + variable cost per unit)

Business

Kilduff Corporation's balance sheet and income statement appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets:      Cash and cash equivalents$36 $38 Accounts receivable 36  32 Inventory 49  55 Property, plant and equipment 707  580 Less accumulated depreciation 316  315 Total assets$512 $390 Liabilities and stockholders' equity:      Accounts payable$71 $64 Accrued liabilities 22  19 Income taxes payable 34  41 Bonds payable 71  100 Common stock 32  30 Retained earnings 282  136 Total liabilities and stockholders' equity$512 $390 Income Statement?Sales$1,174Cost of goods sold   771Gross margin 403Selling and administrative expense  146Net operating income257Gain on sale of equipment 

14Income before taxes271Income taxes  81Net income  $190The company sold equipment for $19 that was originally purchased for $10 and that had accumulated depreciation of $5. The company paid a cash dividend of $44 and it did not issue any bonds payable or repurchase any of its own common stock.The net cash provided by (used in) operating activities for the year was: A. $187 B. $201 C. $257 D. $231

Business