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The income statement for Roland Inc. shows income before income taxes $700,000, income tax expenses $210,000, and net income $490,000. If Roland declared $150,000 of cash dividends on preferred stock and has 100,000 shares of common stock outstanding throughout the year, earnings per share is:
a. $5.50
b. $3.40
c. $1.5
d. $0.60
There are several potential problems that can occur from the improper use of standard costs. Labor quantity standards and efficiency variances assume that production is labor-paced.
The SEC's Enforcement Division investigates possible violations of securities laws, recommends SEC action when appropriate, either in a federal court or before an administrative law judge, and negotiates settlements.
The finished goods inventory on hand at the end of each month must be equal to 5,000 units plus 25 percent of the next month's sales. The finished goods inventory on June 30 is budgeted to be 13,750 units.
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There are situations wherein a company faces a potential liability, but is not certain of all of the details associated with such potential liabilities.
Victor called you and was in a panic as he had just received a letter from the IRS, requesting an audit of his business. The letter specifically asked for support for the $ 150,000 truck operating expense. Victor had no receipts.
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A government accounts for a municipal landfill in an enterprise fund. How will it determine how much to charge as an expense (and add to a liability) each year that the landfill is in use? Suppose, instead, that it accounts for the landfill in a g..
Frogger Company uses a job order cost accounting system. On January 1, $15,000 of direct materials and $3,500 of indirect materials were requisitioned for production. Prepare the general journal entry to record this requisition.
Discuss what you consider to be the relevant aspects of describing data. Explain and tell why.
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