L&P Inc., which manufactures electrical components, purchased new equipment for use in its manufacturing process. The MACRS depreciation on the equipment must be capitalized to the cost of inventory under the unicap rules.
Answer the following statement true (T) or false (F)
True
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Which of the following statements correctly identifies a difference between inside money and outside money?
A. Inside money has value because the government decrees that it has value for payment of taxes, while outside money has value because it is made using expensive metals. B. Inside money consists of wages and salaries earned by employees in the private sector, while outside money consists of wages and salaries earned by employees of the government sector. C. Inside money cannot be used for making purchases from foreign sellers, while outside money can be used for making purchases from foreign sellers. D. Inside money is created in the private sector, while outside money is created by the government or by nature.
Distinguish between psychologist Bruce Tuckman’s five stages of group development by explaining each.
What will be an ideal response?
At the end of the accounting period, Houston Company had $5400 of common stock, paid-in capital in excess of par value-common of $6400, retained earnings of $6500, and $2750 of treasury stock. What is the total amount of stockholders' equity?
A. $21,050 B. $15,550 C. $15,650 D. $9050
Which of the following statements concerning Medicare is false?
A) Medicare is a federally-sponsored health care insurance generally available to those over 65. B) Medicare is free federally-sponsored insurance and does not require premium payments. C) Medicare can cover specific illness, such as kidney failure, for those under age 65. D) Medicare provides limited coverage for hospital stays and skilled nursing facilities. With extended stays you may be responsible for all costs.