Which of the following statements is FALSE?
A) A creditor starts a voluntary bankruptcy
B) A creditor starts an involuntary bankruptcy
C) In a voluntary bankruptcy it must be impossible for the debtor to pay the debts owing.
D) The creditors' rejection of a commercial proposal results in a bankruptcy.
E) The trustee in bankruptcy is an accountant who is licensed as a specialist by the Superintendent of Bankruptcy
A
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On January 1, 2016, the Master Company purchased a machine for $36,000 that had a ten-year estimated useful life and no estimated salvage value. At the start of the seventh year of use, a new energy saving device was added to the machine that extended its original useful life an additional two years. This change in the seventh year should be accounted for by
A) including the cumulative effect of the change in net income for the current period. B) depreciating the remaining book value over four years. C) retroactively adjusting income of prior periods using the newly adjusted useful life. D) depreciating the remaining book value over six years.
One role a coalition partner may play is that of a bedfellow who is low in agreement but high in levels of trust.
Answer the following statement true (T) or false (F)
The first step in the customer relationship management process is to
A. gather specific customer information. B. store and analyze information. C. identify current customers. D. utilize analysis to build customer relationships. E. understand how customers interact.
Melinda, Inc estimates manufacturing overhead costs for the coming year at $225,000, which will be allocated based on direct labor hours
Melinda estimates 9,000 direct labor hours for the coming year. In January, Job A33 was completed, which required 8 direct labor hours and 34 machine hours. Provide the journal entry to allocate manufacturing overhead to the job. What will be an ideal response