Line managers are directly responsible for achieving organizational goals
Indicate whether the statement is true or false
T
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An adjusting entry would adjust an expense account so the expense is reported when incurred
Indicate whether the statement is true or false
Which of the following should be audited when the store is open?
a. fixture quality b. inventory turnover c. parking lot adequacy d. employee records
Which of the following is TRUE?
A) A contract with a mentally incompetent person is always enforceable. B) A mentally incompetent person can only get out of a contract if the other party knew, or should have known, of the incompetency at the time of entering into the contract. C) The law of capacity applies to drunkenness as well as mental incompetency. D) A person who is using illegal drugs at the time they made a contract cannot use that as a reason to get out of a contract they have made E) Both B and C
Financial statements for Maraby Corporation appear below:Maraby CorporationBalance SheetDecember 31, Year 2 and Year 1(dollars in thousands) Year 2Year 1Current assets: Cash and marketable securities$220 $190 Accounts receivable, net 190 160 Inventory 140 150 Prepaid expenses 70 80 Total current assets 620 580 Noncurrent assets: Plant & equipment, net 1,180 1,150 Total assets$ 1,800 $ 1,730 Current liabilities: Accounts payable$100 $120 Accrued liabilities 100 70 Notes payable, short term 160 160 Total current liabilities 360 350 Noncurrent liabilities: Bonds payable 450 500 Total liabilities 810 850 Stockholders' equity:
Common stock, $5 par 160 160 Additional paid-in capital 200 200 Retained earnings 630 520 Total stockholders' equity 990 880 Total liabilities & stockholders' equity$ 1,800 $ 1,730 Maraby CorporationIncome StatementFor the Year Ended December 31, Year 2(dollars in thousands)Sales (all on account)$1,960 Cost of goods sold 1,370 Gross margin 590 Selling and administrative expense 230 Net operating income 360 Interest expense 50 Net income before taxes 310 Income taxes (30%) 93 Net income$ 217 Maraby Corporation's current ratio at the end of Year 2 was closest to: A. 0.60 B. 1.72 C. 1.34 D. 0.44