Orange Computer Corporation sells Pad-brand MP3 players to Quik Discount Stores and other retailers. Orange will have an insurable interest in the players as long as
A. Orange remains in business.
B. Orange retains title to the goods.
C. the goods are in existence.
D. there is no risk of loss.
Answer: B
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Which of the following statements is true regarding depreciation expense?
A. Choosing the double-declining balance method over the straight-line method will produce a greater total depreciation expense over the asset's life. B. A company should use the depreciation method that best matches expense recognition with the use of the asset. C. A company using the straight-line method will show a smaller book value for assets than if the same company uses the double-declining-balance method. D. Different companies in the same industry always depreciate similar assets by the same methods.
Explain all of the information that is provided by a master schedule
What will be an ideal response?
Which of the following is a category of franchise:
a. product distributorship b. trademark or trade-name licensing c. business format franchising d. all of the other specific choices are correct e. both a and b, but not c, are correct
In its current tax year, PRS Corporation generated $300,000 ordinary income from the performance of consulting services for its clients. PRS sold two assets, recognizing a $20,000 gain on the first sale and a $31,000 loss on the second sale. Which of the following statements is false?
A. If the gain was capital gain and the loss was ordinary, PRS's taxable income was $269,000. B. If the gain and loss were ordinary, PRS's taxable income was $289,000. C. If the gain was ordinary and the loss was a capital loss, PRS's taxable income was $320,000. D. If the gain and loss were capital gain and loss, PRS's taxable income was $300,000.