A work breakdown structure is a list of tasks broken down to small manageable activities
Indicate whether the statement is true or false
TRUE
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Skyway Company, a U.S. airplane manufacturer, reported a balance of $8,100 million in Inventory at the beginning of 2013 and $9,600 million at the end of 2013 . Its income statement reported Cost of Products Sold of $45,400 million for 2013 . Compute the cost of inventory either purchased or manufactured during 2013 . (Skyway Company applies U.S. GAAP, and reports its results in millions of U.S
dollars.) a. $49,500 million b. $39,900 million c. $46,900 million d. $39,900 million e. none of the above
The UPA provides that partners are __________ liable on all debts and contract obligations of the partnership
a. jointly b. strictly c. jointly and severally d. partially
For a given fixed cost and revenue, as the variable cost rises, the break-even point also rises
Indicate whether the statement is true or false.
A corporation received its charter and began business this year. The company is authorized to issue 500,000 shares of $100 par, 6%, noncumulative, nonparticipating preferred stock, and 1,000,000 shares of no-par common stock. The following selected transactions occurred during this year: Mar. 5Issued 250 shares of preferred stock for $102 cash per share. July 15Exchanged 750 shares of common stock for $12,000 in legal services incurred in the organization of the company. Prepare journal entries to record these transactions.
What will be an ideal response?