What company did the textbook use to illustrate teamwork throughout departments?
a. Apple
b. Taco Bell
c. Virginia Highway Patrol
d. Subway
b. Taco Bell
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A partnership liquidation occurs when
a. a new partner is admitted b. a partner dies c. the ownership interest of one partner is sold to a new partner d. the assets are sold, liabilities paid, and business operations terminated
Activity-based costing is a method of accumulating and allocating costs by department
Indicate whether the statement is true or false
The temperature in the room should be slightly cool rather than slightly warm
a. true b. false
The change in each of Kendall Corporation's balance sheet accounts last year follows: IncreaseDecreaseCash and cash equivalents$3,000 Accounts receivable$2,000 Inventory $3,000 Prepaid Expenses$4,000 Long-term Investments $15,000 Property, Plant and Equipment$10,000 Accumulated Depreciation$8,000 Accounts payable $9,000 Accrued Liabilities$6,000 Bonds Payable $13,000 Common Stock$5,000 Retained Earnings$4,000 Kendall Corporation's income statement for the year was: Sales$300,000Cost of goods sold 180,000Gross margin 120,000Selling and administrative expense 116,000Net income$4,000There were no sales or retirements of property, plant, and equipment and no dividends paid during the year. The company pays no
income taxes and it did not purchase any long-term investments, issue any bonds payable, or repurchase any of its own common stock. The net cash provided by (used in) operating activities on the statement of cash flows is determined using the direct method.Using the direct method, sales adjusted to a cash basis would be: A. $305,000 B. $298,000 C. $300,000 D. $302,000