Without wholesalers and other intermediaries,
A. most products would be much less expensive because fewer companies would be handling the product.
B. products would be cheaper because the functions of intermediaries would be eliminated.
C. products would likely be more expensive due to the use of less efficient channel members.
D. products would never be able to make it to the ultimate consumer at any price without passing through intermediaries.
E. many products would be more expensive because retailers would expect more profit.
Answer: C
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Determine the amount of income that must be recognized by the taxpayer(s) in the current year for each of the following situations. Explain how you determined the amount that was taxable.
a.Tien sells a parcel of land she held as an investment for $50,000. Tien purchased the land 4 years ago for $28,000. She spent $2,000 grading the land and $6,000 putting in utility lines. Tien receives $16,000 upon closing the sale. The remaining $40,000 is to be received in four annual payments of $10,000 over the next 4 years, with interest at 8% on the outstanding balance. b.Randy receives a $10,000, 6%, bond from his grandfather, Kenneth, for his birthday on September 30. Annual interest is paid on December 31. Randy receives the $600 payment on December 31. c.David is an employee of Fern Leaf Company. David is robbed and knocked unconscious while coming out of a basketball game on December 29. His $550 paycheck is available to be picked up at Fern Leaf on December 30, but David does not regain consciousness until January 3. He picks up the check and deposits it on January 8. d.Angie was shopping at a "flea market" when she saw a painting with a frame that appeared to be quite old. Although the painting was uninteresting, she paid the $35 asking price just to get the frame. When she returned home, she took the old painting out of the frame, intending to throw it away. However, she noticed what appeared to be another painting behind the one she bought. Curious, she took the painting to a friend who is a local art expert. The friend thought the second painting was a lost "Monet" and could be worth millions. Angie sends the painting to a museum in Boston, which confirms that the painting is indeed a lost "Monet." Similar paintings have been selling for $650,000 to $800,000, although the art market is in a down cycle. Angie decides to wait until the art market picks up a bit to sell the painting. What will be an ideal response?
According to generally accepted accounting principles, the proper accounting treatment of the cost of developing intangible assets is to
A) carry the cost as an asset indefinitely. B) amortize the cost over five years. C) amortize the cost over a reasonable life. D) write off the cost immediately.
Which of the following is least likely to help establish credibility?
A) Getting to know the audience B) Establish credentials C) Identify needs D) Present ideas effectively E) Tell the truth
Like domestic law, international law can be easily enforced, because international courts have compulsory jurisdiction
a. True b. False Indicate whether the statement is true or false