Making an outline of the presentation is optional
a. True
b. False
Indicate whether the statement is true or false
False
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Under the units-of-production method, depreciation is based on the extent to which the asset was used during the year
Indicate whether the statement is true or false
During the 1780s–1790s, the largest source of revenue for the U.S. government came from
a. the personal income tax. b. the corporate income tax. c. the social security tax. d. import tariffs.
Which of the following is true of business markets?
A) Buyers are usually not skilled at comparing competitive product offerings. B) Buyers have limited purchasing power. C) Property rights, language, culture, and local laws are the most important concerns. D) Products sold in such markets are usually highly standardized. E) Business buyers purchase goods to make or resell a product to others at a profit.
Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred: 1. Jackson invested $27,000 cash in the business in exchange for common stock. 2. Jackson contributed $102,000 of equipment to the business. 3. The company paid $2200 cash to rent office space for the month of March. 4. The company received $18,000 cash for repair services provided during March. 5. The company paid $6400 for salaries for the month of March. 6. The company provided $3200 of services to customers on account. 7. The company paid cash of $700 for utilities for the month of March. 8. The company received $3300 cash in advance from a customer for repair services to be provided in April. 9. The company paid $5200 in cash dividends. Based on this
information, net income for March would be: A. $15,400. B. $11,900. C. $5500. D. $8200. E. $15,500.