While all actions that are ethical are legal, some actions that are legal may not be ethical
Indicate whether the statement is true or false
F
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The bank is considering making a loan on a piece of property that is home to a chemical factory. There is no evidence of any contamination, but the bank is concerned about being liable if there is a chemical spill. Should the bank be concerned?
What will be an ideal response?
A company acquires 1,000 shares of its own $1 par common stock for $15 per share. This purchase would be recorded with a:
A. Debit to Treasury Stock for $15,000 B. Debit to Additional Paid-In Capital for $14,000 C. Credit to Treasury Stock for $15,000 D. Credit to Treasury Stock for $1,000
Which of the following is(are) a difficulty in determining current market values when determining the value of fixed assets?
a. There is an absence of active markets for many fixed assets. b. It is difficult to identify comparable assets currently available in the marketplace to value assets in place c. It is difficult to make assumptions about the effects of technology and other improvements when using the prices of new assets currently available on the market in the valuation process. d. All of the above.
A company had net income of $252,000. Depreciation expense is $26,000. During the year, Accounts Receivable and Inventory increased $15,000 and $40,000, respectively. Prepaid Expenses and Accounts Payable decreased $2,000 and $4,000, respectively. There was also a loss on the sale of equipment of $3,000. How much cash was provided by operating activities?
A) $217,000. B) $224,000. C) $284,000. D) $305,000.