Answer the following statement(s) true (T) or false (F)
There are two types of succession pressures: family members and nonfamily employees.
ANSWER: True
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On July 1, 2016, Falcon Company received a $20,000 promissory note for services from Jordyn Company. The annual interest rate is 5%. Principal and interest are paid in cash at the maturity date of June 30, 2017. The effect on Falcon's financial statements on July 1, 2016 is as follows
a. Assets increase; owners' equity increases b. Assets decrease and owners' equity decreases c. Assets decrease d. No net change in assets
One aim of marketing planning is to connect a business to the environment in which it functions
Indicate whether the statement is true or false
A flat organization has _____
a. a long channel of communication b. a clear hierarchy of authority c. many subordinates reporting to one supervisor d. many levels of management
On January 1, Year 1, Ballard company purchased a machine for $52,000. On January 1, Year 2, the company spent $12,000 to improve its quality. The machine had a $4,000 salvage value and a 6-year life, which are unchanged. Ballard uses the straight-line method. What is the book value of the machine on December 31, Year 4?
A. $20,800 B. $10,400 C. $24,800 D. $24,000