Horizontal integration describes diversification by retailers into wholesaling or manufacturing.
Answer the following statement true (T) or false (F)
False
Vertical integration describes diversification by retailers into wholesaling or manufacturing.
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When the total market expands, the ________ usually gains the most
A) market challenger B) market leader C) market follower D) market nicher E) market entrant
When a partnership terminates business, the sale of noncash assets is called _____.
a. liquidation. b. realization. c. recognition. d. disposition.
Which of the following accounts could increase as a result of adjusting entries?
A) Prepaid Insurance. B) Accounts Receivable. C) Unearned Fees. D) Office Equipment.
A company purchased and installed equipment on January 1 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The equipment was disposed of on July 1 of the fourth year. The company uses the calendar year.1. Prepare the general journal entry to update depreciation to July 1 in the fourth year.2. Prepare the general journal entry to record the disposal of the equipment under each of these three independent situations:a. The equipment was sold for $22,000 cash.b. The equipment was sold for $15,000 cash.c. The equipment was totally destroyed in a fire and the insurance company settled the claim for $18,000 cash.
What will be an ideal response?