Common-sized income statements restate the numbers in the income statement as a percentage of
sales to assist in the comparison of a firm's financial performance across time and with competitors.
Indicate whether the statement is true or false
TRUE
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Use of LIFO provides a tax benefit in an industry where unit costs tend to decrease as production increases.
a. true b. false
A broker brought an offer to an owner. While the broker did not have a listing, the offer provided for a commission. The owner crossed out the provision for a commission above the signature block and signed the acceptance. Which is TRUE regarding the broker's rights?
A. By signing the acceptance, the owner made the broker his agent. B. The broker is entitled to a reasonable commission. C. The broker is entitled to a full commission if the sale is completed. D. There was no listing, so no commission need be paid.