Validation relates to building the right model
Indicate whether the statement is true or false
TRUE
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Konbini refers to convenience stores where consumers can pay for online purchases in
A) Indonesia. B) Russia. C) Croatia. D) Japan E) Bosnia.
Which of the following is a definition of revenue that clearly represents an asset-liability approach?
a. Revenue results from the sale of goods and rendering of services and is measured by the charge made to customers, clients, or tenants for goods and services furnished to them. b. Revenue represents gross increases in assets and gross decreases in liabilities measured in conformity with generally accepted accounting principles that result from those types of profit-directed activities. c. Revenue should be identified with the period during which the major economic activities necessary to the creation and disposition of goods and services have been accomplished. d. Revenues are the inflow or other enhancements of assets of an entity or settlement of its liabilities (or a combination of both) during a period from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations.
Fred Stearns is single and earned $48,200 as a graphic artist last year. He had the following itemized deductions: $964 state and local taxes, $1,540 in mortgage interest and $360 in charitable deductions. a.What is his taxable income?b.What is the amount of his tax liability? (Use Exhibit 18-3 from your text)
What will be an ideal response?
Mungo Pet Supplies makes cat trees for several pet store chains. They order rolls of carpet (used to cover the trees) from a supplier. Mungo’s management has decided to use an EOQ model. The annual demand for carpet is estimated to be 1,000 rolls. The purchase price per roll is $20 and estimated inventory carrying cost rate is 25%. The cost to place an order from the supplier is $30. What is the annual holding cost for the optimal order quantity?
a. $109.54 b. $600 c. $547.72 d. $273.86