Which of the following is not true regarding payroll cards?
A) The employer can require employees to accept their wages on these cards.
B) Employers use payroll cards because they are cheaper than issuing payroll checks.
C) Fees are frequently associated with the cards.
D) The cards are convenient for employees who lack bank accounts.
Answer: A
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Assuming there are no known bad debts when two single proprietors decide to combine their businesses, it is usual practice to enter the full amount of the Accounts Receivable as a debit and the amount of the Allowance for Bad Debts as a credit in placing each partner's investment in the books of the partnership
a. True b. False Indicate whether the statement is true or false
Adonis Corporation issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.5%. Adonis received $206,948 in cash proceeds. Which of the following statements is true?
A. Adonis must pay $200,000 at maturity and no interest payments. B. Adonis must pay $200,000 at maturity plus 20 interest payments of $7,500 each. C. Adonis must pay $206,948 at maturity plus 20 interest payments of $8,000 each. D. Adonis must pay $200,000 at maturity plus 20 interest payments of $8,000 each. E. Adonis must pay $206,948 at maturity and no interest payments.
Personal property includes land and property that is permanently attached to it
Indicate whether the statement is true or false
On August 1, Year 1, Jackson Company issued a one-year $52,000 face value interest-bearing note with a stated interest rate of 9.00% to Galaxy Bank. Jackson accrues interest expense on December 31, Year 1, its calendar year-end.What is the amount of interest expense and the cash outflow for interest during the year ending December 31, Year 1? (Do not round your intermediate calculations.)Interest ExpenseCash Outflow
A.
| $1950? | $1950? |
B.
| $4680? | $0 |
C.
| $4680? | $4680? |
D.
| $1950? | $0 |