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Fashion Industries, Inc. manufactures dresses which it sells throughout the United States and South America. Among its 5,000 employees were 165 youngsters aged 14 and 15 who worked full-time during the day and were paid at a rate less than the minimum wage. Which statement is true in accordance with the general rules of the Fair Labor Standards Act?
A. Fashion did not violate the law since both male and female youngsters were paid at the same rate and worked only on Saturdays.
B. Fashion violated the law by employing children under 16 years of age.
C. Fashion was exempt from regulation because fewer than 5% of its employees were children.
D. Fashion was exempt from regulation if more than 10% of its sales were in direct competition with foreign goods.
The cost of the measure is to be paid by a special tax. Although most of the townspeople believe the sea aquarium is a good idea, there is disagreement about how the tax should be levied.
Jarrett owns a mountain chalet that he purchased in 1999 for $175,000. This year, the home appraised at $300,000. Shortly after the appraisal, a blizzard hit the area in spring of the current year
Provide a brief definition of compilation and review performed in accordance with the SSARS. Include the type of assurance provided.
Maxey company had current and noncurrent liabilities of $50,000 and $150,000, respectively. The company's current assets were $76,000, out of a total asset figure of $424,000. Calculate the company's debt ratio.
Wiley Company had total revenues of $300,000 for a recent month. During the month the company incurred operating expenses of $205,000 and purchased land for $45,000. Compute the amount of Wiley's net income for the month.
Klingon Cruisers, Inc., purchased new cloaking machinery three years ago for $9.5 million. The machinery can be sold to the Romulans today for $6.5 million. Klingon's current balance sheet shows net fixed assets of $5.2 million, current liabili..
Compute the day’s sales uncollected for both companies as of the end of current period. Which company is doing a better job in managing the collection of its receivables?
Fixed rate notes and bonds have interesting dynamics that respond to various economic factors affecting the market or fair value of those instruments. There are several potential results from the issuance of fixed rate instruments.
Which of the following describes job order or process costing?
Describe situations where you have effectively demonstrated each of the forms of communication mentioned. What did you do to help you communicate effectively?
Lampley, Inc. enters into a direct finance lease agreement as lessor on January 1, 2001, to lease an airplane to National Airlines. The term of the noncancelable lease is eight years and payments are required at the end of each year.
Explain what you understand by the term depreciation and it's relevance in the preparation of financial statements, Prepare ledger accounts, Prepare an income statement, Prepare a balanced sheet
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