Verno Inc. purchased business equipment in March and sold it in November. Verno's gain or loss recognized on the sale is ordinary.
Answer the following statement true (T) or false (F)
True
The business equipment is not a capital asset or a Section 1231 asset (because Verno did not hold it for more than 12 months).
You might also like to view...
Klein Corp acquired land by issuing its common stock. How should this transaction be disclosed when a statement of cash flows is prepared?
a. In a supplemental schedule of noncash investing and financing activities or in a note. b. The acquisition of land should be reported as an investing activity and the issuance of the stock as a financing activity. c. Using the master T-account approach. d. The transaction does not need to be disclosed.
You are a professor at a large research university. Two students are working with you on a journal article. Student A has written a large portion of the article and came up with the idea. Student B coded data, edited and helped with citations. You, the professor, helped facilitate the project, wrote a small section of the literature review, and edited the paper. Based on the advice given in the chapter, what is your authorship order? Explain why.
What will be an ideal response?
The percentage change in quantity demanded in response to a percentage change in price is referred to as price ________ of demand.
Fill in the blank(s) with the appropriate word(s).
Courts cannot add an implied term into a written contract
Indicate whether the statement is true or false