In the deed of trust financing arrangement, the land owner is the trustee
Indicate whether the statement is true or false
False
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Which of the following statements regarding discontinued operations is true?
a. The assets and liabilities of a disposal group classified as held for sale by an entity may be offset and shown as a single item on the balance sheet of the entity. b. The assets and liabilities of a disposal group of an entity must be shown separately in the asset and liabilities sections of the balance sheet of the entity and cannot be offset. c. An adjustment in a subsequent period to the selling price of a component of an entity sold must be reported as a retroactive adjustment in the prior-period financial statements of the entity in which the discontinued operation was reported. d. The gain or loss on disposal of a component of an entity classified as a discontinued operation need not be disclosed separately from the loss from operations of the discontinued segment. e. None of these answers is correct.
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Indicate whether the statement is true or false
Which of the following inventory costing methods results in the highest value of ending inventory during a period of rising inventory costs?
A) specific identification B) weighted-average C) last-in, first-out D) first-in, first-out
Allen Services purchased 20 delivery vehicles by issuing a 20-year installment note payable for $720,000. On the statement of cash flows, this transaction would be shown in the ________
A) investing activities section B) non-cash investing and financing activities section C) operating activities section D) financing activities section