Mrs. Scott loaned $100,000 to her daughter Evelyn, who agreed to pay her mother $3,000 annual interest on the debt. This loan is an example of a/an:
A. Related party transaction
B. Prohibited transaction
C. Arm's length transaction
D. Public market transaction
Answer: A
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The Pacific division has the following income statement for the last quarter:The company's average operating assets for the period were $270,000. The company requires a minimum rate of return of 13%. The division's turnover was
a.3.25 b.2.65 c.2.07 d.2.62 e.3.62
In a brief filed in Gene's suit against Hoyt in a federal court, Ilsa, Gene's attorney, cites, Jon v. Klint, an unpublished opinion. According to a ruling of the United States Supreme Court, the judge in Gene's suit
a. may consider the unpublished opinion persuasive. b. must apply the unpublished opinion as binding. c. must ignore the unpublished opinion. d. must issue a judgment in Hoyt's favor.
Minor interpersonal counterproductive behaviors include
A. sabotage. B. abuse. C. incivility. D. harassment. E. theft.
Gabuat Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price$106 Units in beginning inventory 0Units produced 2,600Units sold 2,200Units in ending inventory 400 Variable costs per unit: Direct materials$46Direct labor$28Variable manufacturing overhead$2Variable selling and administrative expense$7Fixed costs: Fixed manufacturing overhead$33,800Fixed selling and administrative expense$8,800 What is the total period cost for the month under the absorption costing?
A. $33,800 B. $8,800 C. $58,000 D. $24,200