Poole Products Inc has the following product information available: Sales price $25 per unit Variable costs $10 per unit Fixed costs $36,000 If Poole is in the 40% tax bracket, how many units need to be sold in order to earn an after-tax target profit of $249,000?
A) 30,067 units
B) 12,360 units
C) 27,667 units
D) 31,667 units
A
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Answer the following statements true (T) or false (F)
The Accounting Standards Executive Committee of the AICPA (ASEC) and the Emerging Issues Task Force (EITF) were established to solve the problems of particular industries as well as narrow technical issues.
[The following information applies to the questions displayed below.]On January 1, Year 1, Pierce Corporation issued $25,000 in 8%, 5-year bonds payable at 102. Interest payments are due each December 31. Pierce uses the straight-line method to amortize bond discounts and premiums.On January 1, Year 2, Pierce Corporation called the bonds payable at a price of $25,450. Which of the following shows the effect of this transaction on the elements of the financial statements? Assets=Liab.+Stk.EquityRev.?Exp.=Net Inc.Stmt. ofCash FlowsA.(25,450)=(25,400)+(50)NA?50=(50)(25,450)FAB.(25,450)=(25,400)+(50)NA?50=(50)(25,400)FA/(50)OAC.(25,450)=(25,450)+NANA?NA=NA(25,450)FAD.(25,450)=NA+(25,450)NA?25,450=(25,450)(25,450)OA
A. Option A B. Option B C. Option C D. Option D
Quibble Company's liabilities exceed its assets. Quibble hires Roo & Slay, an accounting firm, to prepare a balance sheet. Through Roo & Slay's negligent omissions, the sheet shows a net worth. Town Bank relies on the balance sheet to make a loan to Quibble. When Quibble defaults, Town files a suit against Roo & Slay. Under the Restatement rule, Roo & Slay is most likely
A. liable because Roo & Slay owed a duty of care to Quibble. B. liable because Roo & Slay owed a duty to any foreseeable user. C. liable if Roo & Slay knew that Town would rely on the balance sheet. D. not liable because Roo & Slay and Town were not in privity.
The mere presence on the World Wide Web establishes the minimum contacts necessary to subject a corporation to personal jurisdiction on a worldwide basis
Indicate whether the statement is true or false