Top Half produces and sells two types of t-shirts—Fancy and Plain. The company provides the following data:
Compute the flexible budget variance for Fancy t-shirts for sales revenue.
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Which of the following is TRUE of the sales budget?
A) It provides sales data that is used to prepare financial statements for external reporting purposes. B) It captures the variable and fixed expenses of the business. C) It is used in the production budget. D) It shows the cost of expected production in a period.
The Responsible Company completed the following transactions involving investments during 2012. Purchased 20-year treasury bonds for $80,000 Sold available-for-sale securities (cost $80,000 ) for $100,000 Purchased trading securities for $55,000 Responsible uses the indirect method to prepare the operating activities section of the statement of cash flows. The following statements describe how
Responsible reported the cash flow effects of the transactions above on its 2012 statement of cash flows. Which of the following has been reported incorrectly by Responsible? A) Payments of $80,000 for 20-year treasury bonds were reported as a cash outflow in the operating activities section. B) Proceeds of $100,000 were reported as a cash inflow in the investing activities section. C) Payments of $55,000 for trading securities were reported as a cash outflow in the investing activities section. D) A gain of $20,000 on the sale of available-for-sale securities was deducted from net income in the operating activities section.
Liam Rutherford is the owner of a company that manufactures metal doors that are utilized by retail outlets in shopping malls or higher crime areas where the retailer wants to provide additional security to prevent break-ins. Liam is developing a new model that provides greater metal strength, is lighter, and is more attractive when in a closed position. He's interested in determining the breakeven point in order to establish minimum goals for the first month of production. Liam estimates that his fixed costs to produce the new model will be $60,000. He plans to sell the doors to retailers at a list price of $249. Variable costs are estimated to be $95. How many units will his business need to sell in order to reach the breakeven point?
A. 390 units B. 337 units C. 241 units D. 632 units
The distinction between horizontal and vertical restraints often determines whether a restraint is illegal per se or should be judged by the rule of reason test
Indicate whether the statement is true or false