When charitable enterprises are financed by voluntary subscriptions of many people, the promise of each person is generally not held to be enforceable
Indicate whether the statement is true or false
False
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Use the information below for Dakota Corp for 2016 and 2017 to answer the following question. Bonds payable, December 31, 2016 $500,000 Bonds payable, December 31, 2017 800,000 Loss on bond retirement—2017 15,000 Interest expense on bonds—2017 45,000 At the end of 2017, Dakota issued bonds at par value for $800,000 cash. The proceeds from these bonds were used to retire the $500,000 bond
issue outstanding at the end of 2016 (before their maturity date). All interest expense was paid in cash during 2017. How much did Dakota pay to retire the $500,000 bond issue during 2017? a. $485,000 b. $500,000 c. $515,000 d. $560,000
Which of the following was listed in the discussion on stylistic devices as something you should use sparingly?
A) action words B) active voice C) short paragraphs D) white space E) jargon
The unadjusted trial balance at year-end for a company that uses the percent of receivables method to determine its bad debts expense, reports the following selected amounts: Accounts receivable$441,000?DebitAllowance for Doubtful Accounts 1310?DebitNet Sales 2,160,000?CreditAll sales are made on credit. Based on past experience, the company estimates 2.5% of ending account receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
A. Debit Bad Debts Expense $15,400; credit Allowance for Doubtful Accounts $15,400. B. Debit Bad Debts Expense $5400; credit Allowance for Doubtful Accounts $5400. C. Debit Bad Debts Expense $11,025; credit Allowance for Doubtful Accounts $11,025. D. Debit Bad Debts Expense $12,335; credit Allowance for Doubtful Accounts $12,335. E. Debit Bad Debts Expense $9715; credit Allowance for Doubtful Accounts $9715.
Assume that a corporation in the 25 percent tax bracket purchases a piece of equipment for $67,000 with a ten-year useful life and no estimated salvage value. The corporation uses straight-line depreciation for book purposes and double-declining-balance depreciation for tax purposes. The first-year temporary difference, using income tax allocation procedures, would result in a
a. debit to Deferred Income Taxes of $1,675. b. credit to Deferred Income Taxes of $6,700. c. credit to Deferred Income Taxes of $1,675. d. debit to Deferred Income Taxes of $6,700.