Garnishment is a method for satisfying a judgment against a defendant
Indicate whether the statement is true or false
True
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Eli Lilly has agreed to let a South African company manufacture several of Eli Lilly's diabetes drugs and pay Eli Lilly a fee to distribute the drugs with a different brand name in South Africa. Eli Lilly is engaging in
A. licensing. B. franchising. C. countertrading. D. a strategic alliance. E. a greenfield venture.
Allowance for Bad Debts is a(n)
a. contra-sales account; b. liability account; c. asset; d. contra-asset; e. contra-liability.
Examples of poor earnings quality that hinder the forecasting of expected future earnings include all of the following except:
a. Earnings dominated by a substantial one-time gains from the sale of real estate tangential to the firm's operations. b. Reporting a large expense from a warehouse fire that was not covered by insurance. c. A local government corrects a processing error and a firm receives an unexpected rebate on property taxes previously paid. d. The company adds equipment that reduces carbon emissions in response to EPA requirements and increases production efficiency.
On January 1, Year 1, Phillips Company made a basket purchase including land, a building and equipment for $380,000. The appraised values of the assets are $20,000 for the land, $340,000 for the building and $40,000 for equipment. Phillips uses the double-declining-balance method for the equipment which is estimated to have a useful life of four years and a salvage value of $5,000. What is the depreciation expense for the equipment for Year 1?
A. $17,000 B. $9,500 C. $19,000 D. $20,000