Explain when it is appropriate to use special journals
Special journals are used to record large volumes of recurring transactions that are similar in nature.
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It has been discovered that an overseas manufacturing facility your company uses has been employing child labor despite your position against it. You are contemplating relocating your manufacturing to another country where costs are somewhat higher but workplace standards are more tightly controlled. In using Bagley's ethical decision tree, you determine it would be unethical NOT to relocate, so you should
A. relocate the facility, but don't tell shareholders about potentially smaller profits. B. warn the manufacturer that you will relocate should a violation occur again. C. continue to use the facility, despite your objections, because this will maximize shareholder value. D. relocate the facility, and tell the shareholders how this will affect their returns. E. continue to use the facility, because it is benefitting your company, and all workers, even underage ones.
Using the retail inventory method, if the cost to retail ratio is 75% and ending inventory at retail is $159,000, then estimated ending inventory at cost is $221,143.
Answer the following statement true (T) or false (F)
A company's income statement showed the following: net income, $132,000; depreciation expense, $39,000; and gain on sale of plant assets, $13,000. An examination of the company's current assets and current liabilities showed the following changes accounts receivable decreased $11,200; merchandise inventory increased $27,000; prepaid expenses increased $8000; accounts payable increased $5200. Calculate the net cash provided or used by operating activities.
A. $181,400. B. $155,400. C. $160,200. D. $153,400. E. $139,400.
On March 31, 2018, Water Front, Inc. shows the following data on its balance sheet:
Assume that Water Front sells 1500 shares of treasury stock at $33 per share. What is total stockholders' equity after this transaction?
A) $6,940,500
B) $7,039,500
C) $6,979,500
D) $7,000,500