WV Construction has two divisions: Remodeling and New Home Construction. Each division has an on-site supervisor who is paid a salary of $58,000 annually and one salaried estimator who is paid $52,000 annually. The corporate office has two office administrative assistants who are paid salaries of $38,000 and $31,000 annually. The president's salary is $127,000. How much of these salaries are common fixed expenses?
A. $110,000
B. $196,000
C. $306,000
D. $127,000
Answer: B
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Most foreign exchange trading occurs between banks and
a. national governments. b. other banks. c. corporations. d. household investors.
Realized gains and losses on investments in available-for-sale securities are reported
A) as a current asset. B) on the income statement. C) on the balance sheet as part of shareholders' equity. D) as a contra asset.
Cooper, CPA is auditing the financial statements of a small rural municipality. The receivable balances represent residents' delinquent real estate taxes. Internal control at the municipality is weak. To determine the existence of the accounts receivable balances at the balance sheet date, Cooper would most likely:
A. send positive confirmation requests. B. inspect the internal records, such as copies of the tax invoices that were mailed to the residents. C. send negative confirmation requests. D. examine evidence of subsequent cash receipts.
Dissolution of a partnership may be brought about by all of the following except
a. the addition of a new partner; b. the death of one of the partners; c. bankruptcy; d. the retirement of one of the partners; e. the vacation of a partner.