Employees of the valley country club are allowed to use the golf course without charge before and after working hours on mondays when the number of players on the course is at its lowest. tom, an employee of the country club, played 40 rounds of golf during the year at no charge when the nonemployee charge was $20 per round.
a. tom must include $800 in gross income.
b. tom is not required to include anything in gross income because it is a de minimis fringe benefit.
c. tom is not required to include the $800 in gross income because the use of the course was a gift.
d. tom is not required to include anything in gross income because this is a "no-additional-cost service" fringe benefit.
e. none of the above

Maria am corporation uses the weighted-average method in its process costing system. the baking department is one of the processing departments in its strudel manufacturing facility. in june in the baking department, the cost of beginning work in process inventory was $4,880, the cost of ending work in process inventory was $1,150, and the cost added to production was $25,200. required: prepare a cost reconciliation report for the baking department for june.

The treasurer for pittsburgh iron works wishes to use financial futures to hedge her interest rate exposure. she will sell five treasury futures contracts at $139,000 per contract. it is july and the contracts must be closed out in december of this year. long-term interest rates are currently 7.30 percent. if they increase to 9.50 percent, assume the value of the contracts will go down by 20 percent. also if interest rates do increase by 2.2 percent, assume the firm will have additional interest expense on its business loans and other commitments of $149,000. this expense, of course, will be separate from the futures contracts. a. what will be the profit or loss on the futures contract if interest rates increase to 9.50 percent by december when the contract is closed out

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period