Moving a family member into a family business at a higher level can be justified if he/she has worked for another company to broaden his/her training and background.
Answer the following statement true (T) or false (F)
True
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Which of the following statements includes redundant language?
A) Never at any time have I seen cooperation like this. B) From my experience I can say that this teamwork was unprecedented. C) My opinion is that our team did an outstanding job. D) It was a pleasant surprise that our unit performed so well. E) I am impressed by how well our group performed on this project.
Paxton Inc had the following information related to last year's sales: Cash sales $150,000 Credit sales 280,000 Accounts receivable - beginning 30,000 Accounts receivable - ending 56,000 What amount would be reported as "cash collections from customers" on the statement of cash flows using the direct method?
A) $404,000 B) $176,000 C) $516,000 D) $306,000
KAB Inc., a small retail store, had the following results for May. The budgets for June and July are also given. May(actual) June(budget) July(budget)Sales$42,000 $40,000 $45,000Less cost of goods sold 21,000 20,000 22,500Gross margin 21,000 20,000 22,500Less selling and administrative expenses 20,000 20,000 20,000Net operating income$1,000 $0 $2,500?Sales are collected 80% in the month of the sale and the balance in the month following the sale. (There are no bad debts.) The goods that are sold are purchased in the month prior to sale. Suppliers of the goods are paid in the month following the sale. The "selling and administrative expenses" are paid in the month of the sale.?The cash disbursements during June for goods purchased for sale and for selling
and administrative expenses should be: A. $40,000 B. $41,000 C. $43,500 D. $42,500
On January 1, 20X9, Pallet Company acquires 80 percent ownership in Slat Corporation for $200,000. The fair value of the noncontrolling interest at that time is determined to be $50,000. Slat reports net assets with a book value of $250,000 and fair value of $250,000. Pallet Company reports net assets with a book value of $600,000 and a fair value of $650,000 at that time, excluding its investment in Slat. What will be the amount of consolidated net assets that would be reported immediately after the combination?
A. $800,000 B. $850,000 C. $900,000 D. $680,000