Andrea has prepared the following list of statements about corporations. Identify whether each statement is true or false.
1. A corporation is an entity separate and distinct from its owners.
A. True B. False
2. As a legal entity, a corporation has most of the rights and privileges of a person.
A. True B. False
3. Most of the largest U. S. corporations are privately held corporations.
A. True B. False
4. Corporations may buy, own, and sell property; borrow money; enter into legally binding contracts; and sue and be sued.
A. True B. False
5. The net income of a corporation is not taxed as a separate entity.
A. True B. False
6. Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts.
A. True B. False
7. The transfer of stock from one owner to another requires the approval of either the corporation or other st
sockholders.
A. True B. False
8. The board of directors of a corporation legally owns the corporation.
A. True B. False
9. The chief accounting officer of a corporation is the controller.
A. True B. False
10. Corporations are subject to fewer state and federal regulations than partnerships or proprietorships.
A. True B. False

White company has two departments, cutting and finishing. the company uses a job-order costing system and computes a predetermined overhead rate in each department. the cutting department bases its rate on machine-hours, and the finishing department bases its rate on direct labor-hours. at the beginning of the year, the company made the following estimates: department cutting finishing direct labor-hours 6,000 30,000 machine-hours 48,000 5,000 total fixed manufacturing overhead cost $ 264,000 $ 366,000 variable manufacturing overhead per machine-hour $ 2.00 " variable manufacturing overhead per direct labor-hour " $ 4.00 required: 1. compute the predetermined overhead rate for each department. 2. the job cost sheet for job 203, which was started and completed during the year, showed the following: department cutting finishing direct labor-hours 6 20 machine-hours 80 4 direct materials $ 500 $ 310 direct labor cost $ 108 $ 360 using the predetermined overhead rates that you computed in requirement (1), compute the total manufacturing cost assigned to job 203. 3. would you expect substantially different amounts of overhead cost to be assigned to some jobs if the company used a plantwide predetermined overhead rate based on direct labor-hours, rather than using departmental rates?

Anew firm is developing its business plan. it will require $615,000 of assets, and it projects $450,000 of sales and $355,000 of operating costs for the first year. management is reasonably sure of these numbers because of contracts with its customers and suppliers. it can borrow at a rate of 7.5%, but the bank requires it to have a tie of at least 4.0, and if the tie falls below this level the bank will call in the loan and the firm will go bankrupt. what is the maximum debt ratio the firm can use? (hint: find the maximum dollars of interest, then the debt that produces that interest, and then the related debt ratio.)a. 41.94%b. 44.15%c. 46.47%d. 48.92%e. 51.49%

Lucido products markets two computer games: claimjumper and makeover. a contribution format income statement for a recent month for the two games appears below: claimjumper makeover total sales $ 30,000 $ 70,000 $ 100,000 variable expenses 20,000 50,000 70,000 contribution margin $ 10,000 $ 20,000 30,000 fixed expenses 24,000 net operating income $ 6,000 required: 1. compute the overall contribution margin (cm) ratio for the company.. 2. compute the overall break-even point for the company in dollar sales. 3. complete the contribution format income statement at break-even point for the company showing the appropriate levels of sales for the two products. (do not round intermediate calculations.)