Failure to comply with environmental laws can result in civil fines but not criminal penalties
a. True
b. False
Indicate whether the statement is true or false
False
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Long-term investments in debt securities not classified as trading or held-to-maturity securities are classified as available-for-sale securities.
Answer the following statement true (T) or false (F)
Young Guns Company, which sells tents, has provided the following information
Sales price per unit $45 Variable cost per unit 11 Fixed costs per month $12,700 What are the required sales in units for Young to break even? (Round your answer up to the nearest whole unit.) A) 227 units B) 1,155 units C) 283 units D) 374 units
Desjarlais Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)Activity Cost PoolsActivity RateSetting up batches$160.80 per batchAssembling products$10.40 per assembly hourProcessing customer orders$52.72 per customer orderData concerning two products appear below: Product S96UProduct Q06FNumber of batches44 49?Number of assembly hours161?893?Number of customer orders21?47?Required:a. How much overhead cost would be assigned to Product S96U using the company's activity-based costing system?b. How much overhead cost would be assigned to Product Q06F using the company's activity-based costing
system???Overhead Costa.Product S96U?b.Product Q06F? What will be an ideal response?
Paper Corporation holds 80 percent of the voting shares of Scissor Company. On January 1, 20X8, Scissor purchased $100,000 par value 12 percent Paper bonds from Cruse Corporation for $115,000. Paper originally issued the bonds to Cruse on January 1, 20X6, for $110,000. The bonds have an 8-year maturity from the date of issue and pay interest semiannually on June 30 and December 31 each year. Scissor' reported net income of $65,000 for 20X8, and Paper reported income (excluding income from ownership of Scissor's stock) of $90,000. Paper's partial bond amortization schedule is as follows:PMT# Interest$ PMTInterestExpense Amort ofDiscount(Premium)Premium(Discount)BondsPayableBV
ofBonds 1/1/20X6 10,000.00 100,000.00 110,000.00 1 6/30/20X6 6,000.00 5,579.78 (420.22) 9,579.78 100,000.00 109,579.78 2 12/31/20X6 6,000.00 5,558.47 (441.53) 9,138.25 100,000.00 109,138.25 3 6/30/20X7 6,000.00 5,536.07 (463.93) 8,674.33 100,000.00 108,674.33 4 12/31/20X7 6,000.00 5,512.54 (487.46) 8,186.86 100,000.00 108,186.86 5 6/30/20X8 6,000.00 5,487.81 (512.19) 7,674.68 100,000.00 107,674.68 6 12/31/20X8 6,000.00 5,461.83 (538.17) 7,136.51 100,000.00 107,136.51 Based on the information given above, what amount of consolidated net income should be reported for 20X8? A. $134,240 B. $149,134 C. $136,134 D. $147,240