Colfax Corporation had a Retained Earnings balance on January 1, 2009, of $720,000; declared cash dividends during 2009 in the amount of $112,000, of which $30,000 were not paid until 2010; and reported an ending balance of Retained Earnings of $1,020,000 . Based on these facts alone, net income for 2009 for Colfax Corporation must have been
a. $152,000.
b. $312,000.
c. $382,000.
d. $412,000.
D
You might also like to view...
All of the following are considered to be long-term liabilities for Parsons Company except:
a. Bonds issued this year (due in 10 years). b. The third year payments for a three-year lease signed this year. c. The current year portion of Deferred taxes. d. The principal of a note payable signed this year, but due in five years.
From 2007 to 2008, when the recession began, only North America experienced a net decrease in spending for the Marketing Research industry
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. Variable costing prepares the income statement using the traditional format. 2. The contribution margin format of the income statement categorizes costs by their behavior. 3. The fixed manufacturing overhead is considered a product cost in variable costing and a period cost in absorption costing. 4. Variable costing considers direct materials, direct labor, variable manufacturing overhead, and fixed manufacturing overhead as product costs. 5. The level of inventory on hand at the end of the year does not affect the amount of operating income calculated under variable costing and absorption costing.
For one product that a firm produces, the manufacturing cycle efficiency is 25 percent. If the total production time is 10 hours, what is the total manufacturing time?
a. 2.5 hours b. 8.0 hours c. 10.0 hours d. 40.0 hours