Manufacturers of systems such as razors and ink jet printers use a system of pricing called "two-part pricing"?one price for the disposable products and another for the "hardware."
Indicate whether the statement is true or false
FALSE
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For the past 40 years Bhutan, a kingdom of 754,000 people in the Himalaya mountains, has relied on the following measure:
A) GNI. B) GDP. C) GNH. D) GNP. E) GTE.
A law firm billed a client $3000 for work performed in the current month. Which of the following general journal entries will the firm make to record this transaction?
A. Debit Accounts Receivable, $3000; credit Legal Fees Revenue, $3000. B. Debit Cash, $3000; credit Accounts Receivable, $3000. C. Debit Accounts Receivable, $3000; credit Unearned Legal Fees Revenue, $3000. D. Debit Cash, $3000; credit Unearned Legal Fees Revenue, $3000. E. Debit Legal Fees Revenue, $3000; credit Accounts Receivable, $3000.
Target costing identifies a competitive price and then adds the desired profit to determine a target cost
Indicate whether the statement is true or false
The most recent balance sheet and income statement of Oldaker Corporation appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$31 $29 Accounts receivable 73 79 Inventory 44 45 Property, plant and equipment 728 590 Less accumulated depreciation 253 242 Total assets$623 $501 Liabilities and stockholders' equity: Accounts payable$56 $63 Accrued liabilities 21 22 Income taxes payable 26 28 Bonds payable 121 110 Common stock 33 30 Retained earnings 366 248 Total liabilities and stockholders' equity$623 $501 Income Statement?Sales$921Cost of goods sold 575Gross margin 346Selling and administrative expense 117Net operating income229Income taxes
69Net income $160The company paid a cash dividend of $42 and it did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.The net cash provided by (used in) operating activities for the year was: A. $168 B. $8 C. $229 D. $152