Whereas decision-making is perceived as ______ within the finding approach, decision-making is thought to be ______ in the building approach.
a. time-consuming; quick
b. simple; complex
c. risky; uncertain
d. uncertain; risky
c. risky; uncertain
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In a guaranty situation, the original contract is between the ________
A) creditor and the guarantor B) debtor and the creditor C) debtor and the guarantor D) creditor and the lessee
Gray Company, a calendar year taxpayer, allows customers to return defective merchandise for a full refund within 30 days of the purchase. In 2019, the company refunded $400,000 for claims involving sales. The $400,000 consisted of $350,000 in refunds from 2019 sales and $50,000 in refunds from 2018 sales. All of the refunds from 2018 sales were for claims filed in 2018 and were paid in January and February 2019. At the end of 2019, the company had $12,000 in refund claims for sales in 2019 for which payment had been approved. These claims were paid in January 2019. Also in January 2020, the company received an additional $30,000 in claims for sales in 2019. This $30,000 was paid by Gray in February 2020. With respect to the above, Gray can deduct:
A. $350,000 in 2019. B. $362,000 in 2019. C. $392,000 in 2018. D. $442,000 in 2019. E. None of these.
State attorneys general usually have the authority to attack deceptive business practices
a. True b. False Indicate whether the statement is true or false
Prepare dated journal entries for Ocean Enterprises for 2017 to account for its investment in Zebrafish and any related income therefrom.
Ocean Enterprises Inc. acquired 15% of the 100,000 outstanding common shares of Zebrafish Ltd. on January 1, 2017 for a cash consideration of $150,000 and a further 10% of the company's common shares a year later for $110,000. On July 1, 2018, Ocean Enterprises sold half their holding in Zebrafish for proceeds of $150,000. Zebrafish earned income of $150,000 in 2017 and $180,000 in 2018 (evenly over both years) and paid a regular semi-annual dividend of $60,000 in June and December each year. Ocean Enterprises does not have significant influence over Zebrafish and elected when it first acquired its initial investment in Zebrafish to account for this investment through other comprehensive income. The company's shares were trading for $11 at the end of 2017 and $12.50 at the end of 2018.