Tyler has rented a house from Camarah since last year. The rent is usually $1,200 per month, but Camarah reduced the monthly rent down to $200 for all twelve months this year in exchange for Tyler putting in an inground pool in the backyard. The improvement has a fair market value of $20,000. How much total rental income must Camarah report this year?
A. $22,400
B. $12,000
C. $14,400
D. $2,400
Answer: A
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Marlow Company purchased a point of sale system on January 1 for $3,400. This system has a useful life of 10 years and a salvage value of $400. What would be the depreciation expense for the first year of its useful life using the double-declining-balance method?
A. $2,320. B. $300. C. $2,720. D. $600. E. $680.
After adjustment, the balance in the Allowance for Doubtful Accounts has the effect of reducing Accounts Receivable to its estimated realizable value.
Answer the following statement true (T) or false (F)
Which sentence uses like correctly?
A) ?Although text messaging is still popular, it appears like Twitter is becoming a preferred social networking tool by many. B) Griffin feels like he should have studied more thoroughly for the test. C) The magazine model looked a lot like Taylor Swift.
Which of the following statements is FALSE?
A) The purpose of criminal law is to punish the wrong doer B) The purpose civil law is to compensate the victim C) In a civil trial the plaintiff pays the crown attorney D) In a criminal jury trial there are 12 people and all 12 must agree to get a decision E) Provinces have different rules on civil jury trials