The amortization period for $58,000 of startup expenses is 180 months
a. True
b. False
Indicate whether the statement is true or false
True
RATIONALE: As startup expenses exceed $55,000, no amount can be deducted immediately.
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Oscar told Pete not to go to the local burger joint because the last few times he had been there, the food wasn’t very good and the service was even worse. Pete asked Oscar how long it had been since he had been to the place and Oscar said “about a year.” Pete wondered if things had gotten better at the burger place and why Oscar said it was so bad when he hadn’t been there in a year. Oscar clearly is guilty of using which of the following?
A. allness B. halo effect C. frozen evaluations D. prescriptive behavior
Email became a widely used communication tool because it offered the advantages of speed and efficiency
Indicate whether the statement is true or false.
Postage Corporation acquired 75 percent of Stamp Corporation's common stock on December 31, 20X8, for $300,000. The fair value of the noncontrolling interest at that date was determined to be $100,000. Stamp's balance sheet immediately before the combination reflected the following balances: Cash and Receivables$40,000 Inventory 70,000 Land 90,000 Buildings and Equipment (net) 250,000 Total Assets$450,000 Accounts Payable$30,000 Income Taxes Payable 40,000 Bonds Payable 100,000 Common Stock 100,000 Retained Earnings 180,000 Total Liabilities and Stockholders' Equity$450,000 A careful review of the fair value of Stamp's assets and liabilities indicated that inventory, land, and buildings and equipment (net) had fair values of $65,000, $100,000, and, $300,000
respectively. Goodwill is assigned proportionately to Postage and the noncontrolling shareholders.Based on the preceding information, what amount of goodwill will be reported in the consolidated balance sheet immediately following the acquisition? A. $0 B. $65,000 C. $120,000 D. $20,000
Langston Company manufactures coats. Costs for February were as follows:Direct materials$19,650Direct labor15,210Factory insurance950Sales commissions4,700Corporate executive salaries5,500Factory supervisor salary3,500Indirect materials1,920Required: Calculate the total manufacturing cost for February.
What will be an ideal response?