Which of the following is a full-service merchant wholesaler?
A. Cash-and-carry wholesaler
B. General merchandise wholesaler
C. Drop shipper
D. Mail-order wholesaler
E. Truck wholesaler
Answer: B
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McGuire Company acquired 90 percent of Hogan Company on January 1, 2019, for $234,000 cash. This amount is reflective of Hogan's total acquisition-date fair value. Hogan's stockholders' equity consisted of common stock of $160,000 and retained earnings of $80,000. An analysis of Hogan's net assets revealed the following: Book Value Fair ValueBuildings (10-year life)$10,000 $8,000 Equipment (4-year life) 14,000 18,000 Land 5,000 12,000 ??Any excess consideration transferred over fair value is attributable to an unamortized patent with a useful life of 5 years.?In consolidation at January 1, 2019, what adjustment is necessary for Hogan's Patent account?
A. $9,900. B. $11,000. C. $7,000. D. $6,300. E. No adjustment is necessary.
Executives in a Wall Street Journal/Gallup survey identified integrity, industriousness, and the ability to get along with people as the three most important traits for successful managers. Discuss why each of these traits is important for success as a manager.
What will be an ideal response?
The balance in Wellstocked Company's accounts payable account on December 31 . 2014, was $1,225,000 before the following information was considered: • Goods shipped FOB destination on December 21, 2014, from a vendor to Wellstocked were lost in transit. The invoice cost of $45,000 was not recorded by Wellstocked. On December 28, 2014, Wellstocked notified the vendor of the lost shipment. •
Goods were in transit from a vendor to Wellstocked on December 31 . 2014 . The invoice cost was $60,000, and the goods were shipped FOB shipping point on December 28, 2014 . Wellstocked received the goods on January 6, 2015. What amount should Wellstocked report as accounts payable in its December 31 . 2014, balance sheet? a. $1,330,000 b. $1,285,000 c. $1,270,000 d. $1,225,000
When a customer presents a merchant with a debit card to purchase goods, the transaction is called a(n)
a. EFTS transfer. b. ATM transaction. c. VISA transaction. d. POS transaction.