Why Choose Us?
0% AI Guarantee
Human-written only.
24/7 Support
Anytime, anywhere.
Plagiarism Free
100% Original.
Expert Tutors
Masters & PhDs.
100% Confidential
Your privacy matters.
On-Time Delivery
Never miss a deadline.
1) Which duties should be segregated with respect to purchase inventory? Select one: a
1) Which duties should be segregated with respect to purchase inventory? Select one:
a. Inventory control and cost accountant
b. Inventory control and accounts payable ledger
c. Purchasing and inventory custody and accounts payable ledger
d. Purchasing and inventory custody and inventory control
e. The correct answer is not available
2) Rockland Corporation earned net income of $300,000 in 2014 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 9% bonds, which are convertible into 16,000 shares of common. Rockland?s tax rate is 40 percent.
Compute Rockland?s 2014 diluted earnings per share.
Expert Solution
Answer:
1.
purchase inventory the duties must he segregated between inventory control and cost accountant. Hence option 1 is correct
2.
Adjusted net income = 300000+(800000*9%*60%) = 343200
Adjusted shares = 100000+16000 = 116000
Diluted earning per share = Adjusted net income/Adjusted shares = 343200/116000 = 2.96 per share
Archived Solution
You have full access to this solution. To save a copy with all formatting and attachments, use the button below.
For ready-to-submit work, please order a fresh solution below.
