In the context of overall market share, customer loyalty refers to the percentage of all customers who buy from the company
Indicate whether the statement is true or false
FALSE
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Which of the following is not a purpose of the income statement?
A) used to evaluate management's performance B) predicts the company's future assets and liabilities C) used to compare performance against other companies D) assesses the company's risk
The Jacob Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum price of $500,000. At the time of acquisition, Jacob paid $20,000 to have the assets appraised. The appraisal disclosed the following values: Land $100,000 Buildings 200,000 Equipment 300,000 What costs should be assigned to the buildings?
A) $166,667 B) $173,333 C) $200,000 D) $260,000
Under which method of cost flows is the inventory assumed to be composed of the most recent costs?
A) average cost B) last-in, first-out C) first-in, first-out D) weighted average
Martin purchased an annuity contract at the beginning of 2002 for $84,000. The contract specifies that he will receive $2,000 per month for life. Martin receives his first payments on July 1, 2014, when he was 67 years old. Martin dies on August 15, 2019 (the August payment was received prior to his death). What amount, if any, should be deducted on Martin's 2019 tax return as a result of failing to receive his expected return on the annuity contract?
A. $54,400 can be claimed as a deduction on his final return. B. $59,200 can be claimed as a deduction on his final return. C. $1,600 can be claimed as a deduction on his final return. D. No deduction is reported because a decedent is not required to file a final return.