The payment to general unsecured creditors is often termed:
A. a "write-off."
B. a "bonus."
C. a "dividend."
D. a "preference payment."
Answer: C
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On January 1, Year 3, Dartmouth Corporation paid $18,000 for major improvements on a two-year-old manufacturing machine. Although the expenditure did not change the expected useful life, it greatly increased the productivity of the machine. Prior to this transaction, the machine account in the general ledger was listed at $84,000, and the accumulated depreciation account was $20,000. Dartmouth uses the straight-line method. The estimated useful life was six years, and the estimated salvage value was $4,000.Required: a) Prepare the entry in general journal form for the January 1, Year 3 transaction.b) Immediately after the January 1, Year 3 transaction, what is the book value of the asset on Dartmouth books?c) Compute the depreciation for the machine for Year 3.
What will be an ideal response?
The production line of a manufacturing company is most likely to be considered to be a(n) ________.
A) cost center B) profit center C) revenue center D) investment center
Mengya was one of the organizers behind a movement to unionize the employees at her workplace. In response, she was fired. It is likely that Mengya experienced ______ discharge.
A. wrongful B. constructive C. economic D. express
A director who personally competes with the corporation he or she is employed in is said to have breached the duty of obedience
Indicate whether the statement is true or false