Social media offers extensive, nearly full control over what is said about a company and/or their products or services.
Answer the following statement true (T) or false (F)
False
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Which of the following would NOT be classified as a current liability on a classified balance sheet?
a. Unearned revenue b. Mandatory redeemable preferred stock c. The currently maturing portion of long-term debt d. Accrued salaries payable to management
Youngstown Company sells merchandise with a one year warranty. Sales consisted of 2,500 units in 2013 and 2,000 units in 2014 . It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014 for the 2013 sales. Similarly, 30% of repairs will be made in 2014 and 70% in 2015 for the 2014 sales. In the 2014 income statement, how much
of the warranty expense shown will be due to 2013 sales? a. $7,500 b. $17,500 c. $25,000 d. $0 e. $12,500
Bliss County Zoning Commission demands that Commercial Development, Inc, the private developer of Discount Stores, allocate space for parking and take other measures to manage traffic. This is
a. a restrictive covenant. b. inverse condemnation. c. a zoning restriction. d. a zoning variance.
Trinitron, Inc purchased a new molding machine for $85,000. The company paid $8,000 for
shipping and another $7,000 to get the machine integrated with the company's existing assets. Trinitron must maintain a supply of special lubricating oil just in case the machine breaks down. The company purchased a supply of oil for $4,000. The machine is to be depreciated on a straight-line basis over its expected useful life of 8 years. What will depreciation expense be during the first year? A) $12,500 B) $11,500 C) $13,000 D) $11,625