When do overtime rates apply?
What will be an ideal response?
Employees who are subject to the wage and hour provisions of the Fair Labor Standards Act (i.e., nonexempt employees) must receive at least 1.5 times their regular hourly pay when they work more than 40 hours in one week.
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When stock is issued for a noncash asset, the par value of the stock is the best indicator of the value of the asset
a. True b. False Indicate whether the statement is true or false
Which of the following is not important documentation for substantive procedures for capital stock and equity transactions?
a. Confirmations with transfer agent or shareholders. b. The client's articles of incorporation. c. A summary of the changes in equity accounts. d. A memo regarding audit ideas generated during the brainstorming session regarding potential frauds applicable to the capital stock and equity transactions.
Which of the following refers to any method a firm uses to complete an exchange that does NOT require a customer to visit a store?
A) kiosk merchandising B) nonstore retailing C) direct selling D) exchange retailing E) e-commerce
Hawk Corp prepared a draft of its 2014 balance sheet. The draft statement reported current liabilities totaling $200,000 . However, none of the following items were included in this preliminary total at December 31 . 2014: Accounts payable ........................................ $30,000 Bonds payable, due 2015 ................................. 50,000 Discount on bonds payable, due 2015
..................... 6,000 Dividends payable on January 31 . 2015 ................... 16,000 Notes payable, due 2016 ................................. 40,000 At which amount should Hawk's current liabilities be correctly reported in the December 31 . 2014, balance sheet? a. $230,000 b. $290,000 c. $296,000 d. $302,000