Residual value, also referred to as salvage value, is the amount the company expects to receive from selling the asset at the end of its service life.
Answer the following statement true (T) or false (F)
True
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An employer is responsible for paying
a. FICA taxes. b. All of the answers listed c. federal and state unemployment taxes. d. workers' compensation.
__________thinking occurs when a problem is defined in a single way and there are no deviations or alternative definitions concerned until the condition is reached.
a. Vertical b. Horizontal c. Backward d. Forward
The calendar year-end adjusted trial balance for Blessinger Co. follows:BLESSINGER CO.Adjusted Trial BalanceDecember 31Cash$ 112,000?Accounts receivable27,000?Prepaid rent15,000?Prepaid Insurance9,000?Office supplies3,300?Office equipment38,000?Accumulated depreciation-Equipment?$3,200Building288,000?Accumulated depreciation-Building?42,000Land700,000?Accounts payable?25,800Salaries payable?14,500Interest payable?2,500Long-term note payable?72,000Common stock?200,000Retained earnings?710,000Dividends200,500?Service fees earned?430,800Salaries expense90,000?Insurance expense5,200?Rent expense5,000?Depreciation expense-Equipment800?Depreciation expense-Building7,000?Totals$1,500,800$1,500,800Required:(a) Prepare a classified year-end balance
sheet. (Note: A $9,000 installment on the long-term note payable is due within one year.)(b) Prepare the required closing entries. What will be an ideal response?
A major weakness with the payback method is it failure to
A. consider the cost of an investment. B. consider an investment's cash inflows. C. employ the firm's cost of funds (capital). D. rank investments.