The culture, mission, vision, and strategic plan give a panoramic view of the organization, according to the author.
a. True
b. False
a. True
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A normal costing system will give stable unit costs for a firm with seasonal production
Indicate whether the statement is true or false
Which of the following is not true about goodwill?
a. Goodwill reflects the value of knowledgeable employees. b. Goodwill reflects the value of a reputation for quality products. c. Under U.S. GAAP, goodwill has an indefinite life, and firms do not amortize the amount recognized as goodwill. d. Firms must test goodwill annually for a loss in value. e. Under IFRS, goodwill has an indefinite life, and firms amortize the amount recognized as goodwill.
The term lot size signifies:
A) the total production of a single SKU for a one-year period. B) the physical dimensions of the raw materials used to make a batch of one SKU. C) the dimensions of the container used to ship an order to any location outside of company property. D) the number of units of a single item that a company buys from a supplier.
Santa Barbara Express has 4 sales employees, each of whom earns $5,000 per month and is paid on the last working day of the month. Each employee's wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages. Withholding for each employee also includes federal income tax of 16% and monthly medical insurance premiums of $110 for each employee. a. Prepare the general journal entry to accrue the monthly sales salaries expense at January 31.b. The employer payroll taxes for Santa Barbara Express include FICA taxes, federal unemployment taxes of 0.6% of the first $7,000 paid each employee, and state unemployment taxes of 5.4% of the first $7,000 paid to each employee. Prepare the journal entry to record the employer's payroll taxes at January 31 for Santa
Barbara Express. (Assume that none of the employees has reached the unemployment limit of $7,000.) What will be an ideal response?