Case-Based Critical Thinking QuestionsCase 2-2Cole has taken a job in the IT department of his local college, Eastern Tech. His boss has put him on a special assignment to see where scanners can be used more effectively within the school.Cole's first stop is the Dean's office. Cole explains to the staff that page scanners and handheld scanners can convert ____ pictures, forms, text, and other images into digital images. This can help reduce the need for rooms of file cabinets.
A. monochrome
B. color
C. either a. or b.
D. neither a. nor b.
Answer: C
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Collective team mental self-leadership strategies include:
a. mental imagery b. team self-talk c. thought patterns d. all of the above
Assume a corporation underestimated its income tax liability for the year by $4,000 . What, if any, end-of-period adjustment is required?
a. The adjusting entry contains a debit to Income Tax Expense for $4,000, and a credit to Cash for $4,000. b. The adjusting entry contains a debit to Income Tax Payable for $4,000, and a credit to Income Tax Expense for $4,000. c. The adjusting entry contains a debit to Income Tax Expense for $4,000, and a credit to Income Tax Payable for $4,000. d. The adjusting entry contains a debit to Accounts Payable for $4,000, and a credit to Cash for $4,000. e. No adjustment is required.
A company has beginning inventory of 48 units at a cost of $13.00 each on October 1. On October 5, it purchases 30 units at $14.00 per unit. On October 12 it purchases 40 units at $15.00 per unit. On October 15, it sells 90 units. Using the periodic FIFO inventory method, what is the value of the inventory at October 15 after the sale?
A. $870.00 B. $420.00 C. $364.00 D. $450.00 E. $784.00
The employees of Leicester Services, Inc. worked the last two weeks of December, 2016. They received their paychecks on January 2, 2017. Which of the following accounts should appear on the income statement for the year ended December 31, 2016?
A) Salaries Expense B) Prepaid Expense C) Salaries Payable D) Unearned Revenue