Bank of the Pacific is a local bank operating primarily in Portland, Oregon. The bank accepts deposits from and makes loans to local businesses and individuals. Which of the following accounting estimates would be most important for Bank of the Pacific?
A) Uncollectible accounts receivable.
B) Warranty claims.
C) Total units of production.
D) Sales returns.
A
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Use the information below for Soho Inc for 2016 and 2017 to answer the following question. Equipment, December 31, 2016 $65,000 Equipment, December 31, 2017 72,000 Accumulated depreciation, December 31, 2016 39,000 Accumulated depreciation, December 31, 2017 30,000 During 2016, Soho Inc sold equipment with a cost of $30,000 and accumulated depreciation of $25,000 . A gain of $3,000 was recognized
on the sale of the equipment This was the only equipment sale during the year. What amount would be reported as the cash proceeds from the sale of equipment? a. $2,000 b. $3,000 c. $5,000 d. $8,000
Phoenix Guitars is interested in pursuing backward integration to take greater ownership of the extraction of raw materials and production of components used in its signature line of guitars. Although this approach would lower the overall cost of producing a guitar, the costs associated with producing electronic pickups for sound amplification are far greater than those associated with sourcing pickups from a reliable supplier. Which of the following approaches is likely to produce superior results?
A. Abandon the idea of vertical integration entirely. B. Introduce a budget line of guitars to diversify the firm's offerings. C. Invest in vertical integration despite the cost of producing pickups. D. Pursue taper integration.
The process of recording a transaction in the journal is called
A) recording B) journalizing C) posting D) summarizing
The slogan "Let's Build Something Together", used by Lowe's Home Improvement centers, signified to its customers that Lowe's was ready and willing to help them with all their project needs. This slogan reflects the ________ ________ strategy.
Fill in the blank(s) with the appropriate word(s).