KidCo bought forward contracts on 20,000 bushels of corn at $1.65 per bushel. Corporate tax rates are 35.00%. Revenue is $100,000 and other costs are $60,000. Spot prices on corn are $1.75 per bushel. Calculate the after-tax net income
A) $7,000 loss
B) $7,000 gain
C) $4,550 loss
D) $4,550 gain
D
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A supply chain management is an enterprise application because the systems that support each business process:
A. record data collected at the boundaries of organizations. B. always take the form of a sequence. C. consist of sophisticated statistical models. D. are connected to each other to form one large IS.
ChemKill Manufacturing produces a chemical pesticide and uses process costing. There are three processing departments—Mixing, Refining, and Packaging. On January 1, the first department—Mixing—had a zero beginning balance. During January, 44,000 gallons of chemicals were started into production. During the month, 35,000 gallons were completed, and 9000 remained in process, partially completed. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the process.
During January, the Mixing Department incurred $52,000 in direct materials costs and $211,000 in conversion costs. At the end of the month, the ending inventory in the Mixing Department was 60% complete with respect to conversion costs. The weighted-average method is used. The total cost of the chemical pesticide in ending inventory was ________. (Round any intermediate calculations two decimal places, and your final answer to the nearest dollar.) A) $211,000 B) $52,000 C) $38,808 D) $263,000
Which of the following would be a cash outflow from operating activities for Poe Company?
a. Cash paid for dividends on Poe Co. common stock b. Cash paid for treasury stock c. Cash paid for the purchase of an investment in securities of Raven Company classified as trading securities d. Cash paid for dividends on Poe Co. preferred stock
It is necessary to report both the cost and the accumulated depreciation of plant assets in the financial statements.
Answer the following statement true (T) or false (F)