In preparing a company's statement of cash flows using the indirect method, the following information is available: Net income$55,000? Accounts payable increased by 21,000? Accounts receivable decreased by 31,000? Inventories decreased by 8000? Cash dividends paid 17,000? Depreciation expense 26,000? Net cash provided by operating activities was:
A. $76,000.
B. $125,000.
C. $141,000.
D. $77,000.
E. $30,000.
Answer: C
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Historical Art is a new business. During its first year of operations, credit sales were $55,000 and collections on credit sales were $33,000. One account of $500 was written off. Management uses the percent-of-sales method to account for bad debts expense and estimates 3% of credit sales to be uncollectible. The ending balance of Allowance for Bad Debts account is ________.
A) $1150 B) $1650 C) $645 D) $2625
The fixed manufacturing costs increase by $102,000 for every 500 units produced beyond the maximum capacity of the plant. If a special pricing order is accepted for 5500 sails at a sales price of $165 per unit, and if the order requires no variable or fixed selling and administrative costs, what is the effect on operating income?
Briny Sail Makers manufactures sails for sailboats. The company has the capacity to produce 35,000 sails per year and is currently producing and selling 30,000 sails per year. The following information relates to current production:
A) Operating income increases by $464,500.
B) Operating income decreases by $464,500.
C) Operating income increases by $566,500.
D) Operating income decreases by $566,500.
To succeed on a claim of trade-dress infringement, a plaintiff must prove that the ________
A) trade dress is primarily nonfunctional B) trade dress has not acquired a secondary meaning C) alleged infringement does not create confusion D) value of the trade dress has been diminished
Under the "perfect tender rule" the buyer may reject the goods if they fail in any respect to conform to the contract
a. True b. False Indicate whether the statement is true or false