Under a periodic inventory system, the cost of inventory on hand at the end of the accounting period is determined by a physical count of the inventory.

Theater Upgrades
BMC is considering upgrading the sound systems in their theaters so that they can patrons can get the full experience from surround sound movies.They discovered that upgrade costs at locations with 12 screens were $170,000 but were $110,000 at locations with six screens.What are the fixed costs of upgrading at a location?

If each bank in the United States had to keep 100 percent of checkable deposits as reserves,each $1 the Fed injected into new reserves could increase the money supply by:

A) $1.
B) $2.
C) $100.
D) $5.
E) a penny.

Which of the following is a difference between a halo error and a horns error?

A) A halo error is the opposite of a distributional error, whereas a horns error is the opposite of a contrast error.
B) A halo error occurs when all aspects of an employee's performance are rated positively, whereas a horns error occurs when all aspects of an employee's performance are downgraded.
C) A halo error is a performance selection error, whereas a horns error is a performance rating error.
D) A halo error occurs when people are compared against one another instead of against an objective standard, whereas a horns error occurs when a rater tends to use only one part of a rating scale.

Using the information below, determine the amount of the payroll tax expense for B. Hope Company's first payroll of the year. In your answer list the amounts for FICA (OASDI and Medicare), SUTA, and FUTA. Assume:
FICA tax rates are: OASDI 6.2% on a limit of $128,400 and Medicare 1.45%.
State Unemployment tax rate is 5.0% on the first $7,000.
Federal Unemployment tax rate is 0.8% on the first $7,000.

Which type of account would NOT be reported on the income statement?

A) Revenue
B) Expenses
C) Liabilities
D) None of the above answers are correct.

The banking system creates money in the sense that it:

A) prints money.
B) creates excess reserves from loans.
C) creates loans from excess reserves.
D) creates required reserves from loans.
E) creates loans from required reserves.

Congress enacted the Norris-LaGuardia Act in 1932 in response to growing criticism of the use of injunctions in peaceful labor disputes.