Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $20 par value, 13,300 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,400 shares of common stock for cash at $40 per share. b. Sold 2,700 shares of common stock for cash at $45 per share. c. At year-end, the accounts reflected income of $6,800. No dividends were declared.

If a seller prepaid the taxes of $4,400 and the closing is set for may 19, using the 12 month/30 day method what will the buyer owe the seller as prorated taxes?

Afirm’s production function is represented by q(m,r) = 4m 3/4r1/3, where q denotes output, m raw materials, and r robots. the firm is currently using 6 units of raw materials and 12 robots. according to the mrts, in order to maintain its output level the firm would need to give up 2 robots if it adds 9 units of raw materials. (a) true (b) false

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.