This year, Johnson Mills has annual revenue of $37,800, cost of goods sold of $23,200, and administrative expenses of $6,300. The firm paid $700 in dividends, $280 in interest, and has a total tax rate of 21 percent. The firm will add $2,810 to retained earnings. What is the depreciation expense?
A) $2,300
B) $3,709
C) $2,640
D) $780
E) $3,577
E) $3,577
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Habitual decision making occurs when
A. a decision requires extended problem solving. B. retailers stimulate sales by suggesting complementary merchandise. C. a decision process involves little or no conscious effort. D. the purchase decision involves a lot of risk and uncertainty. E. a decision requires assistance from sales associates.
The result of normal trade relations (the most-favored-nation clause) is
a. a discriminatory tariff structure. b. a nondiscriminatory tariff structure. c. an increase of all tariff rates between all nations. d. an elimination of all tariff rates for all nations.
Answer the following statements true (T) or false (F)
The FASB defines comprehensive income using the income-expense approach to defining accounting elements.
In an actual cost system, actual direct materials, actual direct labor and estimated overhead are used to determine unit cost
Indicate whether the statement is true or false