The ________ requires individuals to maintain minimal essential health insurance coverage or pay a penalty unless exempted for religious beliefs or financial hardship.
A. Maintenance Act
B. Patient Protection and Affordable Care Act
C. Family Medical Leave Act
D. Consolidated Omnibus Budget Reconciliation Act
Answer: B
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Which organization is responsible for setting International Standards on Auditing?
a. IASB b. IFRS c. IAASB d. AICPA
Jessica is twenty-nine years old and spends more time on Facebook than reading magazines. Despite her inclination toward social networking sites, she continues to listen to the radio or read magazines at times. Jessica is most likely to be a:
a. tween. b. Millenial. c. Gen Zer. d. baby boomer.
A corporation has perpetual existence unless the articles of incorporation state otherwise
Indicate whether the statement is true or false
Kearin Corporation has provided the following financial data:Balance SheetDecember 31, Year 2 and Year 1AssetsYear 2Year 1Current assets: Cash$33,000 $100,000 Accounts receivable, net 281,000 250,000 Inventory 122,000 130,000 Prepaid expenses 68,000 80,000 Total current assets 504,000 560,000 Plant and equipment, net 1,016,000 980,000 Total assets$ 1,520,000 $ 1,540,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$80,000 $100,000 Accrued liabilities 31,000 30,000 Notes payable, short term 56,000 70,000 Total current liabilities 167,000 200,000 Bonds payable 260,000 260,000 Total liabilities 427,000 460,000 Stockholders'
equity: Common stock, $5 par value 500,000 500,000 Additional paid-in capital 70,000 70,000 Retained earnings 523,000 510,000 Total stockholders' equity 1,093,000 1,080,000 Total liabilities & stockholders' equity$ 1,520,000 $ 1,540,000 Income StatementFor the Year Ended December 31, Year 2Sales (all on account)$1,300,000 Cost of goods sold 800,000 Gross margin 500,000 Operating expenses 448,692 Net operating income 51,308 Interest expense 19,000 Net income before taxes 32,308 Income taxes (35%) 11,308 Net income$ 21,000 Dividends on common stock during Year 2 totaled $8,000. The market price of common stock at the end of Year 2 was $2.02 per share.The company's gross margin percentage for Year 2 is closest to: A. 2381.0% B. 38.5% C. 62.5% D. 4.2%