Wing Hon Ltd., a Chinese company, makes drywall that Veranda Homes Corporation, a U.S. firm, imports and sells to contractors and consumers in the United States. The drywall causes electrical and other problems in newly built homes. Potentially liable parties include
a. Wing Hon and Veranda Homes.
b. the Chinese and U.S. governments.
c. the consumers who bought the drywall.
d. none of the choices.
a
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What is true of employee benefits?
A. Employers have very limited options for communicating information about benefits. B. Employees have a thorough understanding of what benefits they have and what the market value of these benefits is. C. It is up to employees to determine the cost and value of their benefits. D. Employees, for the most part, are just not interested in their benefits. E. Employees have a hard time understanding the cost and value of their benefits.
The company's minimum rate of return is also referred to as its cost of capital
Indicate whether the statement is true or false
Woods Company made an ordinary repair to a delivery truck at a cost of $500. Woods' accountant debited the asset account, Equipment. Was this treatment an error, and if so, what will be the effect on Woods' financial statements?
A. Yes, in the years following, net income will be overstated. B. No, the repair was accounted for correctly. C. Yes, the error understated net income. D. Yes, the error overstated assets and net income.
Stockman Inc. has provided the following data for the month of November. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In ProcessFinished GoodsCost of Goods SoldTotalDirect materials$4,070 $15,680 $42,080 $61,830 Direct labor 7,760 27,440 73,640 108,840 Manufacturing overhead applied 5,130 14,250 37,620 57,000 Total$16,960 $57,370 $153,340 $227,670 Manufacturing overhead for the month was overapplied by $1,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in
those accounts. The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for November would include the following: A. credit to Finished Goods of $57,370 B. debit to Finished Goods of $57,370 C. credit to Finished Goods of $250 D. debit to Finished Goods of $250