A sole proprietor exchanges an office building used in her business for undeveloped land she plans to hold for investment purposes. The exchange will qualify as like-kind.
Answer the following statement true (T) or false (F)
True
Exchanges of real property qualify even if the properties are dissimilar as long as the properties are held for investment purposes or used in a business.
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Indicate whether the statement is true or false
Payables turnover is measured in number of days
Indicate whether the statement is true or false
Unearned revenues that will be earned in a relatively short period of time are listed on the balance sheet as current assets
Indicate whether the statement is true or false
If work in process inventory is $900 and cost of goods sold is $16,425, what is days' sales in work in process inventory?
A. 21 days B. 6 days C. 20 days D. 18 days E. 5 days