If a sale involves crops that are to be harvested within twelve months, identification takes place when the seeds for the crops are harvested.?
Indicate whether the statement is true or false
False
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Use the information below for Shorter Inc for 2016 and 2017 to answer the following question. Equipment, December 31, 2016 $65,000 Equipment, December 31, 2017 72,000 Accumulated depreciation, December 31, 2016 39,000 Accumulated depreciation, December 31, 2017 30,000 During 2017, Shorter Inc sold equipment with a cost of $30,000 and accumulated depreciation of $25,000 . A gain of $3,000 was
recognized on the sale of the equipment This was the only equipment sale during the year. Assume that all purchases of equipment were paid with cash. How much cash was paid by Shorter for the purchase of equipment during 2017? a. $7,000 b. $30,000 c. $37,000 d. $72,000
United Insurance Company specializes in term life insurance contracts. Cash collection experience shows that 30 percent of billed premiums are collected in the month before they are due, 60 percent are collected in the month they are due, and 6 percent are collected in the month following their due date. Four percent of the billed premiums are collected late (in the second month following their
due date). Total billing notices in January were $50,000; in February, $60,000; in March, $66,000; in April, $65,000; in May, $60,000; and in June, $70,000 . How much cash does the company expect to collect in May? a. $63,540 b. $66,750 c. $60,000 d. $56,000
Which of the following is NOT a requirement of strategic capacity planning?
a. forecasting demand over several years b. looking at demand and growth trends c. looking at cyclical demand patterns d. establishing a policy on discounts and rebates
The items listed below are stored in a one-dock warehouse. In what order should they be placed in the warehouse (moving from closest to the dock to furthest away from the dock)?
Item Trips Area Needed (Blocks) A 400 80 B 210 7 C 720 72 D 90 10 E 240 30 A) A-E-D-C-B B) C-A-E-B-D C) A-C-E-D-B D) B-C-D-E-A E) D-B-E-A-C