The Balance Sheet for Glenwood Corporation at December 31, 2014

question 53

Essay

The balance sheet for Glenwood Corporation at December 31, 2014 showed the following subtotals: $$\begin{array} { | l | r | } \hline \text { Current assets } & \$ 140,000 \\\hline \text { Current liabilities } & 80,000 \\\hline \text { Property plant and equipment } & 420,000 \\\hline \text { Total stockholders' equity } & 420,000 \\\hline \text { Retained earnings } & 120,000 \\\hline \text { Total liabilities } & 210,000 \\\hline \text { Other long-term assets } & 70,000 \\\hline\end{array}$$ Based on the above data, calculate the following amounts: $$\begin{array} { | l | l | l | } \hline \text { A. } & \text { Total assets } & \$ \\\hline \text { B. } & \text { Long-term liabilities } & \$ \\\hline \text { C. } & \begin{array} { l } \text { Common stock and Additional paid-in } \\\text { capital }\end{array} & \$ \\\hline \text { D. } & \text { Total liabilities and stockholders' equity } & \$ \\\hline\end{array}$$

Understand the role of reward allocation norms in shaping organizational behavior and status.

Recognize and differentiate between designated, assigned, and emergent roles within organizations.

Understand the universality and cultural specificity of nonverbal emotion expressions.

Recognize the impact of personal experiences and physical or social contexts on emotional expression and perception.

---

Definitions:

Direct Materials

These are the raw materials that are directly incorporated into a finished product.

Prime Cost

The combined direct costs of raw material and labor that are directly associated with the production of a product.

Discretionary Fixed Costs

Those fixed costs that arise from annual decisions by management to spend on certain fixed cost items, such as advertising and research.

Committed Fixed Costs

Expenses that a company has to pay regardless of its level of production or sales, such as leases and long-term contracts, which cannot be easily changed in the short term.