When a corporation sells common stock to investors, the amount is added to revenue on the income statement
Indicate whether this statement is true or false.
Answer: FALSE
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SUTA taxes are generally paid by both the employer and the employee
Indicate whether the statement is true or false
The steps in the closing process are (1) close credit balances in revenue accounts to Income Summary; (2) close debit balances in expense accounts to Income Summary; (3) close Income Summary to Retained Earnings; (4) close Dividends to Retained Earnings.
Answer the following statement true (T) or false (F)
What is their cost for holding all types of inventory if they order optimally?
Kushie's Coffee in Bangalore is a quaint establishment nestled near MG Road in the central business district. It serves coffee and fruit cake to a clientele that has been enjoying these products for over fifty years. The demand for coffee beans is 6600 cases per year (each case has 24 ten-pound bags). It would be disastrous for them to run out of coffee, so they keep a safety stock of 30 cases. The cases cost $4800 and it costs $5 per case to order coffee. As coffee is a perishable product, the holding cost is fairly high at $40/case/year. The lead time to receive an order is seven days. Kushie's is open 300 days a year.
The anthropology department of Towers University is doing an excavation on property that belongs to Farmer Brown. If in the process of excavation the university finds some valuable lost items, they will belong to Farmer Brown and not to the university
Indicate whether the statement is true or false