Oil that is on an oil tanker that is in transit to a customer would be viewed as what type of inventory function?
a. Cycle
b. Hedge
c. Safety stocks
d. Transportation
d. Transportation
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The partner capital accounts may change due to capital additions, net income, or withdrawals
a. True b. False Indicate whether the statement is true or false
When shares of stock held as an investment are sold, the difference between the proceeds and the carrying amount of the investment is recorded as a(n)
a. prior period adjustment b. operating income and losses c. paid-in capital addition d. gain or loss
In 2016, the Puerto Rios Company received insurance proceeds of $300,000 payable upon the death of its previous top executive officer. For financial reporting purposes, Puerto Rios included the $300,000 in pretax accounting income. The life insurance proceeds are exempt from income taxes. Assuming an income tax rate of 35%, what should Puerto Rios report for this event as deferred income taxes in
the 2016 income statement of ? A) $0 B) $105,000 deferred tax asset C) $105,000 deferred tax liability D) $195,000 deferred tax liability
Physical compulsion and improper threats are the two basic types of duress
a. True b. False Indicate whether the statement is true or false