Zeus and Company's income statement for the year ended December 31 . 2014, included the following items: Accounting and Audit Fees ............................ $510,000 Rent for Office Space ................................ 720,000 Sales Salaries and Commissions ....................... 630,000 Loss on Sale of Equipment Used in Operations ......... 105,000 The office space is used equally by Zeus'
sales and accounting departments. What amount of the above-listed items should be classified as general and administrative expenses in Zeus' multiple-step income statement?
a. $1,500,000
b. $975,000
c. $870,000
d. $1,230,000
C
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Footing is an example of:
A. Analytical procedures. B. Recalculation. C. Confirmation. D. Inquiries.
Because more competition implies greater convergence on a standard price, a large number of suppliers in a product category most likely results in:
A) narrower price bands. B) increased price transparency. C) broader price bands. D) increase in the sales of the product.
Scenario C. Parker Brothers is a high-end furniture manufacturer located in the Midwest. Mr. Herbert "Bud" Parker started the firm as a young man in the 1960s. The firm has grown, but with growth, it has never forgotten the vision of Mr. Parker: to be creative in all that the firm does while rewarding employees who show innovation and entrepreneurial leadership. Each year the Budding Genius Award is given to the employee who comes up with the best design or marketing idea. New employees are told of the organization's history of product innovation and are taken on a tour of the "Wall of Parker Legends," where pictures of outstanding employees are hung with descriptions of their accomplishments. Managers at the firm encourage their team members to take risks in proposing new ideas. The
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What will be an ideal response?