Phone Corporation owns 80 percent of Smart Company's stock. At the end of 20X8, Phone and Smart reported the following partial operating results and inventory balances: Phone Corporation Smart Company
Total sales $735,000 $531,000
Sales to Smart Company 144,200
Sales to Phone Corporation 244,200
Net income 30,000
Operating income (excluding
investment income from Smart) 80,000
Inventory on hand, December 31, 20X8, purchased from:
Smart Company 48,840
Phone Corporation 43,260
Phone regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its sales at cost plus a 20 percent markup. The total sales reported by Phone and Smart include both intercompany sales and sales to non-affiliates.
Required:
a. What amount of sales will be reported in the consolidated income statement for 20X8?
b. What amount of cost of goods sold will be reported in the 20x8 consolidated income statement?
c. What amount of consolidated net income and income to controlling interest will be reported in the 20x8 consolidated income statement?
d. What balance will be reported for inventory in the consolidated balance sheet for December 31, 20x8?

Who is better at multi-tasking? in business, employees are often asked to perform a complex task when their atten-tion is divided (i.e., multi-tasking). human factors (may 2014) published a study designed to determine whether video game players are better than non–video game play-ers at multi-tasking. each in a sample of 60 college stu-dents was classified as a video game player or a non-player. participants entered a street crossing simulator and were asked to cross a busy street at an unsigned intersec-tion. the simulator was designed to have cars traveling at various high rates of speed in both directions. during the crossing, the students also performed a memory task as a distraction. two variables were measured for each student: (1) a street crossing performance score (measured out of 100 points) and (2) a memory task score (measured out of 20 points). the researchers found no differences in either the street crossing performance or memory task score of video game players and non-gamers. “these results,” say the researchers, “suggest that action video game players [and non-gamers] are equally susceptible to the costs of dividing attention in a complex task”

The demand curve determines equilibrium price in a market. is a graphical representation of the relationship between price and quantity demanded. depicts the relationship between production costs and output. is a graphical representation of the relationship between price and quantity supplied.

River corp's total assets at the end of last year were $415,000 and its net income was $32,750. what was its return on total assets? a. 7.89%b. 8.29%c. 8.70%d. 9.14%e. 9.59%