Required: Prepare Onyx's income statement for the year ended December 31, including the heading. Use the format provided below:
Onyx Corporation has provided the following information about its operating activities for the year:
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You are a manager of a small lumber supply company. One of your employees accepts a gratuity from a customer without being aware that it violates the company code of conduct, but after a review by managerial staff and lawyers, it is determined to have violated the code. What is the first step you should take?
a. Attempt to return the gratuity to the customer. b. Fire the employee. c. Ask for confidentiality from the customer. d. Revise the code of conduct.
In an actual cost system, overhead is assigned to Work in Process Inventory with a credit entry to the account
Indicate whether the statement is true or false
A company has two different products that sell to separate markets
Financial data are as follows: Product A Product B Total Revenue $15,000 $9,000 $24,000 Variable costs (8,000 ) (9,200 ) (17,200 ) Fixed costs (allocated) (2,000 ) (1,000 ) (3,000 ) Operating income (loss) $5,000 $(1,200 ) $3,800 Assume that fixed costs are all unavoidable and that dropping one product would not impact sales of the other. Because the contribution margin of Product B is negative, it should be dropped. Indicate whether the statement is true or false
Which of the following statements about variable universal life insurance is (are) true?
I Variable universal life insurance has fixed premium payments. II. Variable universal life insurance allows the policyowner to decide where the premiums are invested. A) I only B) II only C) both I and II D) neither I nor II