The income statement of Peoples Motors Corporation, a U.S. automotive manufacturer, for the year ended December 31, 20x1, reported revenues of $207,000, cost of sales of $165,000, other operating expenses, including income taxes of $50,000, and net financing income, after taxes, of $6,000 . Compute the amount of net income or loss that Peoples Motors reported for 20x1
a. net income of $0
b. net income of $2,000
c. net loss of $2,000
d. net income of $8,000
e. net loss of $8,000
C
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One is unlikely to regard a qualified opinion or an adverse opinion as casting serious doubts on the reliability of the financial statements
Indicate whether the statement is true or false
The decision of an arbitrator is called a(n):
a. verdict. b. judgment. c. award. d. binding decision.
________ is responsible for determining the capacity required and methods of making the capacity
available. A) Master production scheduling B) Production activity control C) Capacity planning D) Material requirements planning E) Production planning
Barney's Burgers requires that its employees wear uniforms and protective clothing on the job. Barney's provides a locker room for the employees to leave their street clothes and personal items while working. A sign on the back of the locker room door
states, "Barney's is not responsible for the loss of any property in the locker room." Chuck, a Barney's employee, changes his clothes in the locker room before starting work and leaves his wallet and watch in a pocket of his jacket hanging in his locker. When he returns after his shift, the wallet and watch are gone. Does Chuck's leaving personal items in the locker room constitute a bailment? If so, what type of bailment? If not, what legal relationship is it? Does Barney's sign exculpate the company for Chuck's loss? Why or why not?