Each of the terms below refers to a type of nonprofit–corporation relationship except ______.
A. strategic
B. commercial
C. philanthropic
D. government–agent collaboration
D. government–agent collaboration
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Royal Company purchased a dump truck at the beginning of 2014 at a cost of $60,000 . The truck had an estimated life of 6 years and an estimated residual value of $24,000 . On January 1, 2016, the company made major repairs of $20,000 to the truck that extended the life 1 year. Thus, starting with 2016, the truck has a remaining life of 5 years and a new salvage value of $8,000 . Royal uses the
straight-line depreciation method. When calculating depreciation for 2016, Royal should a. add the $20,000 to the book value at December 31, 2015 and then allocate the revised basis over the remaining adjusted useful life of 5 years. b. report the effect of the change in life as an expense on the income statement in 2015. c. ignore the change in life on the original cost of $60,000 and depreciate the additional $20,000 cost separately over its useful life. d. expense the $20,000 and depreciate the original cost of $60,000 over its revised estimated total live of 7 years.
Quality management systems use many nonfinancial measures, such as the number of customer complaints and the volume of incoming customer-service phone calls, as a means to measure success or failure
Indicate whether the statement is true or false
The difference between the actual price and the standard price, multiplied by the actual quantity of materials purchased, is the:
A. direct materials spending variance. B. direct materials volume variance. C. direct materials quantity variance. D. direct materials price variance.
Willis Hardware had a beginning inventory of $160,00 . at cost. During the month, Willis purchased and received $100,00 . in goods and had net sales of $200,000 . Throughout the month, Willis maintained a 40% markup on all sales. Compute the ending inventory at cost