A variable costing income statement is also called a traditional income statement
Indicate whether the statement is true or false
False
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Which of the following most likely would be considered a discontinued operation?
a. Production or marketing functions are shifted from one location to another. b. A sporting goods manufacturer has a bicycle division that meets FASB's definition of a component of the entity and decides to outsource the manufacture of its bicycles. c. The unprofitable brands of a beauty products component of an entity that manufactures and sells consumer products are discontinued. d. An entity that is a franchiser in the quick-service restaurant business also operates company-owned restaurants that are unprofitable in a certain region and, as a result, the entity decides to exit both the quick-service business as well as the company-owned restaurants in that region.
Use the accounting equation to answer each of the independent questions below: a. At the beginning of the year, Norton Company assets were $75,000 and its owner's equity was $38,000. During the year, assets increased by $18,000 and liabilities increased
by $4,000. What was the owner's equity at the end of the year? b. At the beginning of the year, Turpin Industries had liabilities of $44,000 and owner's equity of $66,000. If assets increased by $10,000 and liabilities decreased by $5,000, what was the owner's equity at the end of the year?
Diamond Plywood, Inc., manufactures four types of plywood panels. Each product must go through the following operations: patching, grading, gluing, and baking. The time in hours required for each operation for each panel, the total capacity available for each of these operations in a given month, as well as the minimum production requirements and the profit contributions per panel are given in the following table. If Diamond Plywood wishes to reduce its capacity in one of the four operations, which one should it avoid?
A. patching
B. grading
C. gluing
D. baking
Under what circumstances must management include shareholders resolutions in the proxy?
A) If the resolution relates to the corporations business B) If the resolution does not concern the payment of dividends C) If the resolution concerns a policy issue D) B and C only E) A, B, and C