If a company reporting on a calendar year basis, paid $18,000 cash on January 1 for one year of rent in advance (lease beginning January 1), and adjusting entries are made at the end of each month, the balance remaining in Prepaid Rent on December 1 should be $1,500.
Answer the following statement true (T) or false (F)
True
$18,000 * 1/12 = $1,500
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A _____ is a collaborative website that hosts the collective work of many authors.?
A) ?weblog B) ?wiki C) ?flame D) ?forum
Trustworthy Insurance, Inc., has a valid reason to cancel a policy issued to USA Sales Company. In most states, Trustworthy could cancel the policy on
A. advance oral notice. B. oral or written notice, advance or contemporaneous. C. without notice. D. advance written notice.
On January 1, Year 1, City Taxi Company purchased a new taxi cab for $81,000. The cab has an expected salvage value of $3500. The company estimates that the cab will be driven 200,000 miles over its life. It uses the units-of-production method to determine depreciation expense. The cab was driven 63,000 miles the first year and 93,000 the second year. What is the amount of depreciation expense reported on the Year 2 income statement and the book value of the taxi at the end of Year 2, respectively? (Do not round intermediate calculations.)
A. $37,665 and $17,820 B. $22,785 and $42,780 C. $37,665 and $14,320 D. $21,320 and $39,280
Unlike advertising that establishes or maintains a company's identity, _____ advertising touts the benefits of a specific good or service.
A. selective B. cooperative C. advocacy D. image E. product