Inland Eastex Inc. manufactures paper that is used for printing covers for different types and sizes of magazines. The percentage of magazine sales determines how much paper Inland Eastex will produce each year. This is an example of__________demand
Fill in the blanks with correct word.
ANSWER: derived
Inland Eastex Inc. manufactures paper for magazines depending on the demand for each magazine. This is an example of derived demand. The demand for business products is called derived demand because organizations buy products to be used in producing their customers' products.
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On January 1, 2018, Sun Company's balance sheet reported a deferred tax liability of $185,000 and a deferred tax asset of $99,900. The future taxable amounts that existed as of January 1, 2018, will reverse equally over the next four years beginning in 2018, while the future deductible amounts that existed as of January 1, 2018, will reverse equally over the next three years beginning in 2018. The enacted income tax rate for all tax years as of January 1, 2018, was 37%. On February 1, 2018 the tax laws were amended resulting in income tax rates of 38% for 2018 and 2019; the income tax rate will be 40% for tax years 2020 and later.Requirement:Prepare the journal entry on February 1, 2018 to record the impact of the amended income tax rates.
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Under the indirect method, if a current liability account increases from the beginning of the year to the end of the year, what is the impact of the change on the statement of cash flows?
a. Cash inflow from financing activities is increased; b. Cash inflow from financing activities is decreased; c. Cash inflow from operating activities is increased; d. Cash inflow from operating activities is decreased; e. none of these.
When conducting international business with people in Asia or Latin America, plan to
A) make decisions immediately and avoid wasting time. B) arrive promptly because tardiness indicates a lack of respect. C) engage in small talk and socialize before discussing business. D) look directly at your associates as a sign of respect. E) get your message across quickly using slang and jargon.
Asplund Corporation has provided the following information:??Cost per UnitCost per Period?Direct materials$6.25??Direct labor$2.90??Variable manufacturing overhead$1.30??Fixed manufacturing overhead?$18,000?Sales commissions$1.50??Variable administrative expense$0.45??Fixed selling and administrative expense?$7,500Required:a. For financial reporting purposes, what is the total amount of product costs incurred to make 5,000 units?b. For financial reporting purposes, what is the total amount of period costs incurred to sell 5,000 units?
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