If a buyer relies upon a seller to select a product for an intended purpose, there is an implied warranty that the seller's selection will prove suitable
Indicate whether the statement is true or false
TRUE
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A $100 petty cash fund contains $89 in petty cash receipts, and $7.50 in currency and coins. The journal entry to record the replenishment of the fund would include a
A) credit to Petty Cash for $96.50. B) credit to Cash for $89. C) debit to Cash Short and Over for $3.50. D) credit to Cash Short and Over for $3.50.
Which of the following reflects SFAS No. 109’s position regarding tax-loss carryforwards?
a. A tax-loss carryforward should not be recorded because future benefits are uncertain. b. Any excess of the tax-loss carryforward over deferred tax liabilities should not be booked. c. A tax-loss carryforward coming from an acquired corporation should not be recognized. d. A tax-loss carryforward should be booked as an asset in most cases.
A prepared sales presentation
A. usually involves many questions, to be sure each customer's needs are fully understood. B. is common with high-value items, to be sure the customer learns about all of the technical details. C. is best when a lot of time is available for a sales presentation. D. is the best approach for most selling situations because the company can control what the sales rep says. E. None of these answers is correct.
Young Company received $18,000 cash from the sale of a machine that had a $13,000 book value. If the company is subject to a 30% income tax rate, the net cash flow to use in a discounted-cash-flow analysis would be:
A. $19,500. B. $6,500. C. $3,500. D. $16,500. E. $12,600.