Violations of environmental laws are civil violations; there are no criminal penalties that can result in prison time
a. True
b. False
Indicate whether the statement is true or false
False
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An example of a tangible benefit is
a. increased customer satisfaction b. more current information c. reduced inventories d. faster response to competitor actions
Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books: 1. Andrea invested $13,900 cash in the business in exchange for common stock. 2. Andrea contributed $24,000 of photography equipment to the business. 3. The company paid $2500 cash for an insurance policy covering the next 24 months. 4. The company received $6100 cash for services provided during January. 5. The company purchased $6600 of office equipment on credit. 6. The company provided $3150 of services to customers on account. 7. The company paid cash of $1900 for monthly rent. 8. The company paid $3500 on the office equipment purchased in transaction #5 above. 9. Paid $315 cash for January utilities. Based on
this information, the balance in the cash account at the end of January would be: A. $16,050. B. $19,900. C. $14,935. D. $46,650. E. $11,785.
Millburn Company has acquired a property that included both land and a building for $530,000. The company hired an appraiser who has determined that the market value of the land is $320,000 and that of the building is $480,000. At what amount should the company record the cost of land? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
A) $349,800 B) $128,000 C) $265,000 D) $212,000
Kotter Mining Company purchases a gravel pit for $2,500,000 . It estimates that 5,000,000 tons of gravel can be extracted over the pit's useful life. If 1,000,000 tons are extracted during the first year but only 750,000 tons are sold, what amount should be recorded for Gravel Inventory and Accumulated Depletion, respectively?
a. $125,000 and 375,000 b. $375,000 and $125,000 c. $375,000 and 375,000 d. $125,000 and $500,000