A franchise agreement may specify that the premises for the business must be leased.
Answer the following statement true (T) or false (F)
True
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Figgaro Company's accounts and their balances, as of the end of August, are included below. All accounts have normal balances: Accounts receivable…..$36,000?Cash…………………….$27,000Equipment……………..59,000?Advertising expense…5,000Service revenues earned.75,000?Accounts payable………31,000Rent expense…………..3,600?Dividends..24,000Office supplies………1,500?Salaries expense………..30,000Notes payable…………22,000?Common Stock…….. 58,100a. Calculate net income.b. Determine the amount of retained earnings to be shown on the August 31 balance sheet.
What will be an ideal response?
Bohmker Corporation is introducing a new product whose direct materials cost is $25 per unit, direct labor cost is $13 per unit, variable manufacturing overhead is $9 per unit, and variable selling and administrative expense is $4 per unit. The annual fixed manufacturing overhead associated with the product is $18,000 and its annual fixed selling and administrative expense is $9,000. Management plans to produce and sell 1,000 units of the new product annually. The new product would require an investment of $110,500 and has a required return on investment of 10%. Management would like to set the selling price on a new product using the absorption costing approach to cost-plus pricing.Required:a. Determine the unit product cost for the new product.b. Determine the markup percentage on
absorption cost for the new product.c. Determine the selling price for the new product using the absorption costing approach. What will be an ideal response?
Which of the following is not a right possessed by common stockholders of a corporation?
A) the right to vote in the election of the board of directors B) the right to receive a minimum amount of dividends C) the right to sell their stock to anyone they choose D) the right to share in assets upon liquidation
Federal statutes mandate both "affirmative action" and "quotas" for employees (by gender and/or race)
Indicate whether the statement is true or false