A person caught taking over $350,000, in cash, out of the country without reporting the fact to the government was required by the Supreme Court to forfeit the cash to the government; it was not an excessive fine in violation of the Eighth Amendment
a. True
b. False
Indicate whether the statement is true or false
False
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Explain the purpose of the PCAOB
Which of the following is not true?
a. Firms must test goodwill annually for impairment. b. Goodwill is the excess of the amount paid for the acquired company over the fair value of identifiable net assets. c. Goodwill, because it includes unidentifiable intangible resources, has an indefinite life. d. U.S. GAAP requires tests for impairment of goodwill as part of a reporting unit because a firm cannot separate goodwill from other assets. e. U.S. GAAP requires firms to amortize goodwill over its expected useful life.
Checks are the most common form of negotiable instruments used in the United States
Indicate whether the statement is true or false
Each December 31, Kimura Company ages its accounts receivable to determine the amount of its adjustment for bad debts. At the end of the current year, management estimated that $16,900 of the accounts receivable balances would be uncollectible. The Allowance for Doubtful Accounts account had a debit balance of $1,200 before any year-end adjustment for bad debts. Prepare the adjusting journal entry that Kimura Company should make on December 31, of the current year, to estimate bad debts expense.
What will be an ideal response?