In which of the following as a gift been made?
A. Alice takes her vacuum cleaner to the repair shop to be fixed. The owner tells her he won't be able to get to the repair for two weeks. "OK," says Alice. "Keep it until then and then go ahead with the repair."
B. Tim knows that Noah likes his collection of Spider-man comics. He tells Noah, "Even though my comics are worth $500, you can have them for $100." Noah agrees and pays Tim the reduced price.
C. Grandpa chuckles as Jessica admires his pocket watch. "Go on, put it on your pocket, Jessica," he tells her. "You can have it." Jessica thanks her grandpa and happily tucks the watch into her pocket.
D. Edith tells her friend, Mateo, that he may have her antique Victrola record player after she passes away. Mateo gratefully thanks Edith for her kindness.
Answer is C. Grandpa chuckles as Jessica admires his pocket watch. "Go on, put it on your pocket, Jessica," he tells her. "You can have it." Jessica thanks her grandpa and happily tucks the watch into her pocket.
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Fenchurch Corp uses the direct write-off method to account for bad debts. What are the effects on the accounting equation of the entry to record the write-off of a customer's account balance?
a. Assets and liabilities decrease. b. Assets and owners' equity decrease. c. Owners' equity decrease and liabilities increase. d. No effect; assets increase and decrease by the same amount.
Various organizations publish summaries of selected ratios organized by industry for a sample of U.S. companies
a. True b. False Indicate whether the statement is true or false
Consider Figure 5.1. Suppose the Mexican government provides a subsidy of $200 per ton to its steel producers, as indicated by the supply schedule SM (with subsidy). As a result of the subsidy Mexican steel producers gain ____ of producer surplus.
a. $200 b. $400 c. $600 d. $800
All of the following observations concerning off-balance-sheet arrangements are true, EXCEPT:
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