In the field of personal selling, customers represent an important source of product information
Indicate whether the statement is true or false
TRUE
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Fetzer Company declared a $0.25 per share cash dividend. The company has 360,000 shares authorized, 342,000 shares issued, and 14,400 shares in treasury stock. The journal entry to record the dividend declaration is:
A. Debit Retained Earnings $81,900; credit Common Dividends Payable $81,900. B. Debit Common Dividends Payable $81,900; credit Cash $81,900. C. Debit Retained Earnings $90,000; credit Common Dividends Payable $90,000. D. Debit Common Dividends Payable $85,500; credit Cash $85,500. E. Debit Retained Earnings $85,500; credit Common Dividends Payable $85,500.
In which of the following situations would it not be appropriate to use the following formula: PV = C0 + C1/(1 + r) + C2/(1 + r)2 + . . . . + Cn/(1 + r)n when determining the present value (PV) of a cash flow stream?
A) when yield curves are flat B) when short-term and long-term interest rates vary widely C) when the inflation rate is high D) when the discount rate is high
A _______ is a ruling by the court that no trial is necessary because there are no essential facts in dispute.
A. default judgment B. long-arm statute C. federal question D. summary judgment
On May 1, Sessi Inc., a calendar year corporation, purchased a business for a $2 million lump-sum price. The business' balance sheet assets had the following appraised FMV.Accounts receivable $ 38,900??Inventory450,000??Tangible personality225,000??Realty:??? Building500,000?? Land 50,000??? $ 1,263,900??a. Compute the cost basis of the goodwill acquired by Sessi Inc. on the purchase of this business. b. Compute Sessi's goodwill amortization deduction for the year of purchase. c. Use a 21 percent tax rate to compute Sessi's deferred tax liability resulting from the amortization deduction.
What will be an ideal response?