Smiles Entertainment had the following accounts and balances at December 31:
Using the information in the table, calculate the company’s reported net income for the period.
A) $1,100.
B) $4,000.
C) $8,500
D) $10,400.
E) $5,500.
E) $5,500.
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Which of the following statements about accounting systems is incorrect?
a. An effective accounting system provides an audit trail that allows frauds to be discovered. b. An effective accounting system makes concealment difficult. c. An effective accounting system can effectively prevent "kickbacks." d. Without a good accounting system, it is often difficult to distinguish between actual fraud and unintentional error.
Jeffrey works at a retail shop in a nice resort. The owner told him the because of the upscale stock, he was never to discount any of the merchandise. A customer noted that a small tea set which she wanted to buy was missing a spoon, and asked if Jeffrey could reduce the price, which he did by twenty percent. Which of the following statements is FALSE?
a. Jeffrey violated his duty to obey instructions and the owner could terminate Jeffrey. b. The owner couldrequire Jeffrey to compensate the shop for the difference in the retail and discounted price. c. Jeffrey had the authority to make the sale at the price he set and the owner may not seek any remedy. d. The contract for the sale of the teas set is valid even though Jeffrey did not have actual authority to give the discount.
Zero-coupon bonds maturing in 1, 2, and 3 years have prices of 0.9345, 0.8766, and 0.8212, respectively. What is the forward price for a 1-year bond purchased in year 2?
A) 0.6866 B) 0.7234 C) 0.8787 D) 0.9368
If event A and event B cannot occur at the same time, then A and B are said to be
a. mutually exclusive c. collectively exhaustive b. independent d. None of these choices.