Mix-It Concrete Company has the right to enter Nim's land and remove the rock from Nim's quarry. This is
a. the power of eminent domain.
b. a license.
c. an easement.
d. a profit.
D
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On November 1, Arvelo Corporation had $32,000 of raw materials on hand. During the month, the company purchased an additional $78,000 of raw materials. During November, $95,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3,000. Prepare journal entries to record these events. Use those journal entries to answer the following questions:The debits to the Work in Process account as a consequence of the raw materials transactions in November total:
A. $78,000 B. $92,000 C. $95,000 D. $0
Markham Company has a contribution margin ratio of 25%. The company is considering a proposal that will increase sales by $150,000. What increase in profit can be expected assuming total fixed costs increase by $25,000? (Do not round intermediate calculations.)
A. $31,250 B. $37,500 C. $12,500 D. $6,250
In specific identification, which one is not true?
A. Ending inventory is associated with specific purchase prices B. Low-cost items are often used in this method C. The specific purchase invoice prices are used D. Flow of goods and flow of cost are the same E. None of these
A single taxpayer provided the following information for 2019:Salary$80,000Interest on local government bonds (qualifies as a tax exclusion)4,000Allowable itemized deductions13,000What is taxable income?
A. $80,000 B. $67,800 C. $71,000 D. $67,000