For many students, what did their last two years of high school revolve around getting into?
A) College
B) The bedroom window
C) SAT's
D) A job
E) A new car
A) College
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Materials used in the manufacturing process that do not become a significant part of the finished products are called
a. indirect materials. b. operating expenses. c. direct materials. d. administrative expenses.
Rachel missed another deadline and her boss Keri is very upset. She will have to explain to the client again why the project is behind. Keri thinks she may say something she'll regret if she talks to Rachel about this now, so she decides to wait awhile. Keri is using the ______ conflict-handling style.
A. avoiding B. collaborating C. compromising D. forcing E. accommodating
Bourne Company received rent in advance of $9,000 on December 31, 2016, which was taxable when received for income tax purposes. The company's effective tax rate was 30%, and this was the only temporary difference. Which of the following should be reported on the December 31, 2016 balance sheet?
A) $9,000 as a current deferred tax liability B) $2,700 as a current deferred tax liability C) $2,700 as a current deferred tax asset D) $9,000 as a current deferred tax asset
Hunter Sailing Company exchanged an old sailboat for a new one. The old sailboat had a cost of $270,000 and accumulated depreciation of $135,000. The new sailboat had an invoice price of $282,000. Hunter received a trade in allowance of $147,000 on the old sailboat, which meant the company paid $135,000 in addition to the old sailboat to acquire the new sailboat. If this transaction has commercial substance, what amount of gain or loss should be recorded on this exchange?
A. $135,000 loss B. $147,000 gain C. $12,000 loss D. $12,000 gain E. $0 gain or loss