In accordance with generally accepted accounting principles, which of the following methods of amortization is normally recommended for intangible assets?
a. Sum-of-the-years'-digits
b. Straight-line
c. Group composite
d. Double-declining-balance
B
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If the December 31, 2016, balance of accounts receivable is higher than the January 1, 2016, balance, then the amount of cash collections will be less than the sales on account for the year
a. True b. False Indicate whether the statement is true or false
Use the information in Table J.14. If all cakes are to be picked up at 11:00 a.m., what is the latest time that Gable should start making these cakes?
A) 8:00 a.m. B) 8:30 a.m. C) 9:00 a.m. D) 9:30 a.m.
The economic model of social responsibility emphasizes the effect of business decisions on society.
Answer the following statement true (T) or false (F)
Letcher Corporation manufactures and sells one product. The following information pertains to the company's first year of operations: Variable costs per unit: Direct materials$89Fixed costs per year: Direct labor$616,000Fixed manufacturing overhead$3,472,000Fixed selling and administrative expenses$1,782,000 The company does not have any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of operations, the company produced 56,000 units and sold 54,000 units. The company's only product is sold for $227 per unit.The company is considering using either super-variable costing or a variable costing system that assigns $11 of direct labor cost to each unit that is produced. Which of the following statements is true
regarding the net operating income in the first year? A. Variable costing net operating income exceeds super-variable costing net operating income by $22,000. B. Super-variable costing net operating income exceeds variable costing net operating income by $124,000. C. Variable costing net operating income exceeds super-variable costing net operating income by $124,000. D. Super-variable costing net operating income exceeds variable costing net operating income by $22,000.