. Twinte Cars, a California corporation, has internal corporate requirements that stipulate a three-year payroll document retention period. They enter into a contract with an international company that mandates a six-year payroll document retention requirement. How should Twinte Cars balance these requirements?
What will be an ideal response?
The longer retention period would be appropriate since the benefits and records may be called to evidence up to 8 years depending upon the circumstances.
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On July 1, 2017, James Company purchased Timothy Company's six-year 9% bonds with a face value of $200,000 for $196,000, which included $6,000 of accrued interest. The bonds, which mature on March 1, 2023, are to be held-to-maturity and pay interest semiannually on March 1 and September 1. James uses the straight-line method of amortization. The amount of income James should report for the
calendar year 2017 as a result of this investment would be A) $8,823.52. B) $9,882.36. C) $9,529.40. D) $8,117.64.
A construction project is expected to take two-and-a-half years to complete. Partial Billings is less than Construction in Progress. The two accounts are reported together on the balance sheet in the
A) current assets section. B) long-term assets section. C) current liabilities section. D) long-term liabilities section.
The Allowance for Bad Debts account has a credit balance of $2000 before the adjusting entry for bad debts expense. The company's management estimates that 2% of net credit sales will be uncollectible for the year 2019. Net credit sales for the year amounted to $260,000. What will be the balance of Allowance for Bad Debts on the December 31, 2019 balance sheet?
A) $5200 B) $2000 C) $7200 D) $5160
A company's balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. What is the amount of stockholders' equity?
A. $71,000. B. $17,000. C. $88,000. D. $105,000. E. $29,000.