Every company prepares only four adjustments—one for each of the four types of adjustments
a. True
b. False
Indicate whether the statement is true or false
False
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Lagos Corp recorded sales of $345,000 in 2010, in addition its accounts receivable and accounts payable balances at the beginning and end of 2010 were as follows: Jan. 1, 2010 Dec. 31, 2010 Accounts Receivable $65,000 $90,000 Accounts Payable $32,000 $28,000 How much cash did Lagos collect from customers in 2010?
a. $345,000 b. $320,000 c. $324,000 d. $316,000
Tan's gross pay for the week is $1500. His year-to-date pay is under the limit for OASDI. Assume that the rate for state and federal unemployment compensation taxes is 6% and that Tan's year-to-date pay has previously exceeded the $7000 cap. What is the amount of state and federal unemployment tax that his employer must record as payroll tax expense and pay to the federal and state governments?
A) $0 B) $21.75 C) $111.75 D) $90
Cape Company purchased a patent for use in the corporation's primary business activities. Where on the balance sheet is the patent reported?
A) Property, plant, and equipment B) Investments C) Current assets D) Intangible assets
Reusing, recycling, refurbishing, or disposing of broken, unwanted, or excess products returned by consumers or resellers is known as ________
A) cross merchandising B) reverse logistics C) disintermediation D) diverse logistics E) inbound logistics