The sales commission incurred based on units of product sold during the month is an example of a product cost.
Answer the following statement true (T) or false (F)
False
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When using the direct method, how are salaries paid to employees reported on the statement of cash flows?
a. Operating activity b. Investing activity c. Financing activity d. Noncash investing and financing activity
Pyramid ownership occurs when a minority-controlling shareholder owns a controlling stake in another company. In this case, whoever controls the Ochs-Sulzberger voting trust controls The New York Times newspaper. Discuss the ethical aspects of pyramid ownership.
Mandy, Annie, and Tammy formed a partnership with income-sharing ratios of 50%, 30%, and 20%, respectively. Cash of $300,000 was available after the partnership’s assets were liquidated. Prior to the final distribution of cash, Mandy’s capital balance was $200,000, Annie’s capital balance was $150,000, and Tammy had a capital deficiency of $50,000. Assuming Tammy contributes cash to match her capital deficiency, Mandy should receive cash of
a. $175,000. b. $168,750. c. $131,250. d. $200,000.
A bank wants to congratulate one of its customers for having repaid an entire loan amount with no defaults. Which of the following letters would best help the bank convey this message?
A. An adjustment letter B. A claim letter C. A public relations letter D. A collection letter