When deciding whether to grant credit, a creditor may not consider the applicant's
a. sex.
b. income.
c. credit history.
d. requested amount of credit.
A
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For each of the following, journalize the necessary adjusting entry: (a) A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that
the fiscal period ends (1) on Tuesday, (2) on Wednesday. (b) The balance in the prepaid insurance account before adjustment at the end of the year is $18,000 . Journalize the adjusting entry required under each of the following alternatives: (1) the amount of insurance expired during the year is $5,300, (2) the amount of unexpired insurance applicable to a future period is $2,700. (c) On July 1 of the current year, a business pays $54,000 to the city for license taxes for the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocated to July is $4,800 . (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31 . (2) What is the amount of tax expense for July? (d) The estimated depreciation on equipment for the year is $32,000.
The study of managerial decision-making is typically divided into ______ approaches about what managers should do and ______ approaches about what managers actually do.
A. descriptive, predictive B. prescriptive, descriptive C. diagnostic, descriptive D. predictive, prescriptive
In order to bring the U.S. Patent laws in harmony with the systems of the majority of developed
nations, Congress changed the legal life of a patent from 17 to 20 years. Indicate whether the statement is true or false
Which of the following opinions indicates that the company's financial statements fairly present its financial condition according to GAAP?
a. Qualified opinion b. Adverse opinion c. Disclaimer of opinion d. Unqualified opinion