A product-level activity center would likely include all of the following costs except:
A. packaging design costs.
B. materials handling costs.
C. legal fees to obtain and protect patents.
D. engineering development costs.
Answer: B
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The board of directors declared a $2 per share cash dividend on common stock and the corporation had 5,000 shares authorized and 4,000 shares outstanding. The entry required to record the declaration of dividends would be
a. a debit to Cash and a credit to Common Dividends Payable. b. a debit to Common Dividends Payable and a credit to Cash. c. a debit to Retained Earnings and a credit to Common Dividends Payable. d. a debit to Cash Dividends and a credit to Common Dividends Payable.
[The following information applies to the questions displayed below.] Galaxy, Inc., a manufacturer of telescopes, began operations on June 1 of the current year. During this time, the company produced 60,000 units and sold 40,000 units at a sales price of $600 per unit. Cost information for this year is shown in the following table:Production costs Direct materials$90per unitDirect labor$75per unitVariable overhead$4per unitFixed overhead$420,000in totalNon-production costs Variable selling and administrative$80,000in totalFixed selling and administrative$520,000in totalGiven the Galaxy, Inc. data, what is net income using absorption costing?
A. $16,360,000 B. $17,400,000 C. $16,800,000 D. $11,275,000 E. $16,220,000
Answer the following statements true (T) or false (F)
1. Because immigration is tightly controlled, the vast majority of immigrants to the U.S. are skilled workers. 2. U.S. trade policy has tended to focus on reducing tariffs and other barriers to trade. 3. Relying on corporate codes of conduct to establish fair labor standards in an international market is a lot like relying on human resource policies to establish fair labor standards in a domestic market. 4. Compared to other economic integration agreements, like NAFTA, one can say that the European Union has the greatest degree of integration. 5. The North American Free Trade Agreement includes a common monetary and fiscal policy between member nations.
Tulip Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2018. The following data were available: ? ? Excess of FIFO ? ? Ending Inventory ? Pretax Operating over LIFO Year Income using LIFO Ending Inventory 2018 $40,000 $8,000 2017 20,000 7,000 2016 30,000 4,000 The income tax rate is 35%. The company began operations on January 1, 2016, and has paid no dividends since inception. ? Required: Answer the following questions relating to the 2017-2018 comparative financial statements. a.What is net income for 2018?b.What is restated net income for 2017?c.Prepare the 2017 statement of retained earnings as it would appear in the comparative 2017-2018 financial statements.
What will be an ideal response?