In vertical analysis of the income statement, each item is shown as a percentage of the net income
Indicate whether the statement is true or false
F
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Which of the following is true of self-liquidating premiums?
A. They are also known as cost-plus premiums. B. They are usually delivered directly to the customers' doorsteps. C. They are used for lightweight, nonperishable products. D. They require customers to pay for the mailing costs. E. They are typically offered at higher-than-retail prices.
Suppose legislation requiring the Fed to keep the inflation rate between 1.5% and 2.5% per year is passed by Congress. This law restricts the Fed's
A) instrument independence. B) goal independence. C) both A and B of the above. D) neither A nor B of the above.
Magliacane Corporation is a service company that measures its output by the number of customers served. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes. Fixed Element per MonthVariable Element per Customer ServedRevenue $4,300Employee salaries and wages$58,100 $1,200Travel expenses $700Other expenses$31,900 When the company prepared its planning budget at the beginning of February, it assumed that 39 customers would have been served. However, 35 customers were actually served during February.The revenue in the company's flexible budget for February would have been closest to:
A. $153,200 B. $150,500 C. $170,709 D. $167,700