A company has inventory with a selling price of $451,000, a market value of $223,000 and a cost of $241,000. According to the lower of cost or market, the inventory should be written down to $223,000.
Answer the following statement true (T) or false (F)
True
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Refer to Figure 11.1. Suppose the exchange rate is $.70 per franc. Free-market forces would lead to a(n) ____ of the dollar against the franc and a(n) ____ in U.S. international competitiveness.
a. depreciation, improvement b. depreciation, worsening c. appreciation, improvement d. appreciation, worsening
The work sheet used to prepare a statement of cash flows (indirect method to determine cash flows from operating activities) should have a total in the Changes column equal to total assets
a. True b. False Indicate whether the statement is true or false
What are some risks associated with DDP?
An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $120; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state
unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. What is the employer's payroll tax expense? A) $152.76 B) $91.26 C) $58.50 D) $178.50