A merchandising business
a. provides services rather than products to customers.
b. changes basic inputs into products that are sold to individual customers.
c. All of these choices.
d. sells a finished product that was purchased in that same form.
d
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The original cost less salvage (or scrap) value is the ____________________
Fill in the blank(s) with correct word
Miguel has designed an intricate PowerPoint presentation that will blow his audience away. When he arrives, there are no computer capabilities in the room he is presenting in. Miguel forgot to consider the overall
a. context. b. surroundings. c. environment. d. demographic.
Notes to the financial statements provide additional information about income tax expense and deferred tax assets and deferred tax liabilities. Firms report which of the following?
a. components of income before income taxes b. components of income tax expense c. reconciliation from statutory to effective tax rate d. components of deferred tax assets and liabilities e. all of the above
On January 1, a company issues bonds dated January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $383,793. The journal entry to record the second interest payment using the effective interest method of amortization is:
A. Debit Interest Expense $12,648.28; debit Premium on Bonds Payable $1,351.72; credit Cash $14,000.00. B. Debit Interest Expense $12,648.28; debit Discount on Bonds Payable $1,351.72; credit Cash $14,000.00. C. Debit Interest Expense $15,405.79; credit Discount on Bonds Payable $1,405.79; credit Cash $14,000.00. D. Debit Interest Expense $15,351.72; credit Discount on Bonds Payable $1,351.72; credit Cash $14,000.00. E. Debit Interest Payable $14,000.00; credit Cash $14,000.00.