Fact Pattern 41-2BMega Corporation wants to gain control of MiniCo, Inc. The companies negotiate for several months, without coming to terms. Mega decides to pursue a takeover attempt. MiniCo decides to resist.Refer to Fact Pattern 41-2B. MiniCo is
A. an alien corporation.
B. an acquiring corporation.
C. a receiver.
D. a target corporation.
Answer: D
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For busy readers, use a simple "no" without adding detailed explanations in your bad-news messages
Indicate whether the statement is true or false
32 Degrees, Inc., a manufacturer of frozen food, began operations on July 1 of the current year. During this time, the company produced 140,000 units and sold 140,000 units at a sales price of $125 per unit. Cost information for this period is shown in the following table:Production costs? Direct materials$13.00 per unit Direct labor$6.00 per unit Variable overhead$2,100,000 in total Fixed overhead$3,220,000 in totalNon production costs? Variable selling and administrative$91,000 in total Fixed selling and administrative$458,000 in totala. Prepare 32 Degree's December 31st income statement for the current year under absorption costing.b. Prepare 32 Degree's December 31st income statement for the current year under variable costing.
What will be an ideal response?
________ costing treats fixed overhead as a period cost.
Fill in the blank(s) with the appropriate word(s).
Johnson Repair Service had net income for the year of $125,000. In addition, the balance sheet reports the following balances:
Jan. 1, 2016 Dec 31, 2016 Accounts Receivable $ 5,600 $ 14,200 Accounts Payable 12,000 9,500 Building 125,000 125,000 Cash 37,500 35,000 Office Furniture 25,000 50,000 Office Supplies 3,200 1,500 Notes Payable 60,000 75,000 Total Stockholders' Equity 124,300 141,200 Calculate the return on assets (ROA ) for Johnson Repair Service for the year ending December 31, 2016. What will be an ideal response