Problem 17-8 Brooks Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market‚ at one time achieving a 70% market penetration. During prosperous years‚ the company’s profits‚ coupled with a conservative dividend policy‚ resulted in funds available for outside investment. Over the years Brooks had a policy of investing idle cash in equity securities. In particular‚ Brooks has made periodic investments in the company’s
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1. A major advantage of the partnership form is that the personal assets of the partners are protected from creditors in case of legal action- False 2. A partnership is considered an “entity” for accounting purposes- True 3. “Mutual agency” means that one partner can legally bind all the other partners to a contract if it appears that he or she is acting appropriately- True 4. Partners are taxed on their drawings regardless of their share of the income. False 5. If a partnership agreement
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CHAPTER Cost Classifications DISTINCTION BETWEEN DIRECT AND INDIRECT COSTS Direct costs can be specifically associated with a particular unit or department or patient. The critical distinction for the manager is that the cost is directly attributable. Whatever the manager is responsible for—that is‚ the unit‚ the department‚ or the patient—is known as a cost object. The somewhat vague definition of a cost object is any unit for which a separate cost measurement is desired. It might
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Nimo Lorenzo ACCTG 117 Payroll Accounting Management Monday Morning Class 02/04/2014 Matching Quiz 1. B 2. D 3. F 4. A 5. H 6. I 7. J 8. C 9. E 10. G Questions for Review 1. The Department of Labor enforces the Fair Labor Act which sets the basic federal minimum wage at $ 7.25 per hour and for the state of California’s minimum wage is $ 8.00 per hour. 2. The information that needs to be maintained by FLSA concerning employees’ wages earned is data about hours worked. 3. An employer
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CHAPTER 7 - FOUNDATIONS OF GROUP BEHAVIOR CHAPTER OBJECTIVES After reading this chapter‚ students should be able to: 1. Differentiate between formal and informal groups. 2. Explain why people join groups. 3. Describe how role requirements change in different situations. 4. Explain the importance of the Hawthorne studies. 5. Describe the importance of the Asch studies. 6. Explain what determines status. 7. Identify the implications of social loafing. 8. Outline the benefits and disadvantages of cohesive
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1. Because adjusting entries assure that the balance sheet and income statement are up to date based on the accrual base of accounting and need to balance out the accounts based on when things are actually earned‚ Starbucks might record adjusting entries for asset accounts including: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses/current assets Deferred income taxes Plant and equipment Other assets Goodwill 2. Starbucks might record adjusting entries for liability
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1. Use historical exchange rate information available on the Internet at www.oanda.com to find interbank exchange rates between the U.S. dollars and each foreign currency for period December 15‚ 2009‚ to January 15‚ 2010. Currency | Foreign Currency Account Payable | Exchange Rate on 12/15/09 | U.S. Dollar Value on 12/15/09 | Exchange Rate on 12/31/09 | U.S. Dollar Value on 12/31/09 | Foreign Exchange Gain (Loss) at year end | Brazilian reals (BRL) | 55‚000 | 0.5697 | $31‚333.50 | 0.5716 | $31
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Photosynthesis notes -sunlight brings energy to Earth -the energy in sunlight is packaged in photons -the photosystems in the thylakoid membrane capture photons -pigments in the photosystems have an antenna complex that actually grabs the photons -chlorophyll b captures the photons and transfers the energy to chlorophyll a (the reaction center) -when the reaction center receives the energy it donates an electron -the donated electron will move down the electron transport system (ETS) -ETS
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statements about managerial accountants is false? A. Managerial accountants more and more are considered "business partners." B. Managerial accountants often are part of cross-functional teams. C. An increasing number of organizations are segregating managerial accountants in separate managerial-accounting departments. D. In a number of companies‚ managerial accountants make significant business decisions and resolve operating problems. E. The
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1. The first arbitrage opportunity relates to locational arbitrage. Holt has obtained spot rate quotations from two banks in Thailand‚ Minzu Bank and Sobat Bank‚ both located in Bangkok. The bid and ask prices of Thai baht for each bank are displayed in the table below: | Minzu Bank | Sobat Bank | Bid | $.0224 | $.0228 | Ask | $.0227 | $.0229 | Determine whether the foreign exchange quotations are appropriate. If they are not appropriate‚ determine the profit you could generate by withdrawing
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