Your magic number is the number of customers you can comfortably provide with your product or service.
Answer the following statement true (T) or false (F)
False
Your magic number is the post-tax income you personally seek from the business.
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A company sells a particular product only in the last month of its fiscal year. The company uses commission agents for such sales and pays them 6% of their net sales 30 days after the sales are made. The agents' sales were $10 million. Experience indicates that 10% of the sales are usually not collected and 2% are returned in the first month of the new year. The auditor would expect the year-end balance in the accrued commissions payable account to be:
A. $540,000. B. $588,000. C. $600,000. D. $528,000.
Zinke Company understated its ending inventory at the end of Year 1. Which of the following correctly states the effect of the error on the amounts shown on the Year 1 financial statements?
A. Overstatement of total assets and cost of goods sold. B. Overstatement of cost of goods sold and retained earnings. C. Understatement of total assets and gross margin. D. Understatement of liabilities and retained earnings.
Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Raw materials purchased on account$475,000Raw materials (all direct) requisitioned for use in production$476,000Direct labor cost$640,000Manufacturing overhead: Indirect labor cost$174,000Other manufacturing overhead costs incurred$498,000Cost of goods manufactured$1,469,000Cost of goods sold (unadjusted)$1,430,000 What is the journal entry to record the direct and indirect labor costs incurred during the year?
A.
| Direct Labor | 640,000 | |
| Manufacturing Overhead | 174,000 | |
| Wages Payable | 814,000 |
B.
| Wages Payable | 814,000 | |
| Work in Process | 640,000 | |
| Manufacturing Overhead | 174,000 |
C.
| Work in Process | 640,000 | |
| Manufacturing Overhead | 174,000 | |
| Wages Payable | 814,000 |
D.
| Wages Payable | 814,000 | |
| Direct Labor | 640,000 | |
| Manufacturing Overhead | 174,000 |
In EEOC v. Dial Corp, where an employer used a test of strength to screen job applicants for ability to do the job, the appeals court held that the test was a non-discriminatory way to select employees that happened to be hard for women to pass
a. True b. False Indicate whether the statement is true or false