Which of the following is a legal liability?
A) sick pay that may be taken as time off
B) sales taxes payable to the state
C) gambling debt owed
D) bribes due to foreign traders
B
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The controller for Tires and More, Inc has recorded the following transactions during the month: the purchase of equipment for $8,500 cash; payment of $6,300 for 3 months of rent; and, collection of $2,400 from a customer for services performed. At the beginning of the month the company was established by selling 10,000 shares of stock to the public for $15,000 cash. What is the balance in the
Cash account at the end of the month, and is the balance a debit or a credit? A) $2,600 debit. B) $2,600 credit. C) $6,800 debit. D) $15,200 debit.
One of the differences in accounting for a process costing system compared to a job order system is that the amounts used to transfer goods from one department to the next comes from the cost of production report instead of job cost cards
Indicate whether the statement is true or false
What is a gratuitous promise?
A) a promise for which no consideration has been given B) a promise which concerns an illegal subject matter C) a promise which concerns a subject matter contrary to public policy D) a promise for which inadequate consideration has been given E) a promise made to give a tip to a waitress at a restaurant
The doctrine of transferred intent transfers the perpetrator's intent from the target to the actual victim of the act
Indicate whether the statement is true or false