King Corporation borrowed $75,000 during Year 2 from its bank under a short-term borrowing arrangement. The statement of cash flows for King Corporation classifies the transaction as a(n)
a. operating activity
b. investing activity.
c. financing activity.
d. lending activity.
e. exchange activity.
C
You might also like to view...
Michael is running for president. The proportion of voters who favor Michael is 0.8. A simple random sample of 100 voters is taken.
a.What are the expected value, standard deviation, and shape of the sampling distribution of 
?b.What is the probability that the number of voters in the sample who will not favor Michael will be between 26 and 30?c.What is the probability that the number of voters in the sample who will not favor Michael will be more than 16?
What will be an ideal response?
ABC, Inc., is a small clothing manufacturer that produces shirts and pants using two resources: sewing machine hours and cutting machine hours. The production manager can schedule up to 240 hours of sewing machine time and up to 150 hours of cutting machine time. Production of one shirt requires 3 hours of sewing time and 1 hour of cutting time. Each pair of pants requires 2 hours of sewing time and 1.5 hours of cutting time. Each shirt yields a profit of $5, and each pair of pants generates a $6 profit. The objective is to maximize profits. Which of the following is the decision variable for the LP formulation?
a. total revenue generated b. number of sewing hours and number of cutting hours required c. number of shirts and number of pairs of pants to be produced d. total production time
The Simkins Corporation uses a job-order costing system. The following activities took place during the month of May:a.Raw materials purchased$40,000b.Raw materials (all direct) used in production$35,000c.Salaries and wages costs:??Direct labor cost$60,000?Indirect labor cost$30,000?Sales salaries$25,000d.Factory utility costs$15,000e.Depreciation on factory equipment$50,000f.Advertising expense$80,000g.Manufacturing overhead is applied at the predetermined rate of 150% of direct labor cost.?h.Cost of Goods Manufactured for the month$180,000i.Cost of Goods Sold for the month$150,000Required:Prepare journal entries to record the information given above. Key your entries by the letters a through i.
What will be an ideal response?
An affirmative warranty states that:
A) something is true only at the present time B) something will be true in the future C) all information provided on the application for coverage is affirmed to be truthful D) none of the above