Ratification of a contract by a minor cannot be implied
Indicate whether the statement is true or false
F
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Which one of the following procedures is incorrect for setting up and maintaining a petty cash fund?
a. A check is prepared for a fixed amount; when the check is cashed, the money is entrusted to a petty cash custodian. b. An entry is recorded to establish the fund and obtain the cash. c. When appropriate documentation is presented, cash payments are made from the fund; the petty cash custodian retains the documentation. d. When the petty cash fund is replenished, an entry is recorded to recognize an increase in the petty cash account.
Delivering constructive criticism can be beneficial by alerting management that changes need to be made
Indicate whether the statement is true or false
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's BookstoreIncome StatementFor Quarter Ended March 31Sales $900,000Cost of goods sold 630,000Gross margin 270,000Selling and administrative expenses Selling$100,000 Administration 104,000 204,000Net operating income $66,000 On average, a book sells for $50. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales with the remainder being fixed. The contribution margin for Sam's Bookstore for the first quarter is:
A. $756,000 B. $144,000 C. $774,000 D. $180,000
Mrs. Lee, age 70, withdrew $10,000 from her Roth IRA this year. Mrs. Lee opened this account in 2000. The balance in the account at year-end was $76,600, which included $50,000 of contributions. Compute the taxable portion of the $10,000 withdrawal.
A. $10,000 B. $4,226 C. $0 D. $5,774