BRIEF EXERCISE 4-1 STARR CO. | Income Statement | For the Year 2012 | Revenues | | | Sales revenue | | $540‚000 | | | | Expenses | | | Cost of goods sold | | $330‚000 | Salaries and wages expense | | 120‚000 | Other operating expenses | | 10‚000 | Income tax expense | | 25‚000 | Total expenses | | 485‚000 | | | | Net income | | $55‚000 | | | | Earnings per share | |
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EXERCISE 2–1 Classifying Manufacturing Costs [LO1] Your Boat‚ Inc.‚ assembles custom sailboats from components supplied by various manufacturers. The company is very small and its assembly shop and retail sales store are housed in a Gig Harbor‚ Washington‚ boathouse. Below are listed some of the costs that are incurred at the company. Required: For each cost‚ indicate whether it would most likely be classified as direct labor‚ direct materials‚ manufacturing overhead‚ selling‚ or an
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ST. SCHOLASTICA’S COLLEGE Manila INCOME TAXATION Quiz 1 (nonBSA) 2nd Semester SY 2014-2015 Name: _________________________Section__________ Score/Average: ______ Date: ________ A. TRUE OR FALSE: Write T if the statement is True or F if the statement if false: F_____ 1. The power of taxation is absolute because it is the strongest of all power of the government T_____ 2. The power of taxation can be exercised without limitation because its scope is unlimited. F_____ 3. Uniformity
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201 Task A - Short Answer Questions Ai: Three different sources of information would be found on the internet‚ through the management and the policy and procedure folder. Aii: a) Three aspects of employment covered by law are Health and Safety‚ Training and most important a contract‚ the employee must have a contact of employment. b) Three main features of the current employment legislation are holiday’s entitlement‚ pay and sick. Aiii: Employment laws exist to protect the best interests
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Constitution equated the arbitrary exercise of power with Student Answer: the rule of law. judicial review. the rule of man. a bicameral legislature. Instructor Explanation: The answer can be found in the section “The Rule of Law Versus the Rule of Man.” Points Received: 0 of 1 Comments: Question 2. Question : Modern liberalism differs from classical liberalism because modern liberalism Student Answer: is associated with big government and large social programs.
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1. Question : Indirect democracy differs from direct democracy in that Student Answer: the people don’t get to vote. CORRECT the people elect representatives. the government serves the public interest. INCORRECT the people participate in public affairs and vote on all matters. Instructor Explanation: The answer can be found in the section “Republicanism and the Basis of Representative Democracy.” Points Received: 0 of 1 Comments: Question 2. Question : The
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An aging of a company’s accounts receivable indicates that $4‚500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1‚200 credit balance‚ the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $3‚300. debit to Bad Debt Expense for $4‚500. credit to Allowance for Doubtful Accounts for $4‚500. debit to Bad Debt Expense for $3‚300. The financial statements of the Melton Manufacturing Company reports net sales
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False 7. Advertising costs are considered product costs for external financial reports because they are incurred in order to promote specific products. True False 8. Selling and administrative expenses are product costs under generally accepted accounting principles. True False 9. A variable cost is a cost whose cost per unit varies as the activity level rises and falls. True False 10. When the level of activity increases‚ total variable cost will increase. True False 11. A decrease in production
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Answer Key for Test Your Skills 1. Tutti’s Sandwich Shop has the following information regarding costs at various levels of monthly sales. Help Tutti separate her costs into fixed costs and variable costs so that she can predict and evaluate costs at varying levels of guests served. January February March Monthly Sales in Guests Served 10‚000 16‚000 20‚000 Cost of Sales (Food Cost ) 10‚500 16‚800 21‚000 Salaries‚ Wages‚ and Benefits 15‚000 15‚600 16‚000 Telephone 12‚750 16‚350 18‚750 Rent on
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UP101: Introduction to City Planning QUIZ #1 Departm ent of Urban & Regional Planning Fall 2012 Prof. Alice E. Novak What was the name of the City Beautiful plan for Washington‚ D.C.? (2 points) Who had designed a plan for Washington‚ D.C. 100 years before the City Beautiful plan and why is the earlier plan significant to the later plan? (4 points) MCMILLAN PLAN (OF 1901) PIERRE L’ENFANT; HIS PLAN WAS USED AS THE BASIS FOR THE CITY BEAUTIFUL PLAN. Give three forces behind urban growth as
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