If you agree to allow the lender to take your computer in the event you fail to make payments, the loan is which of the following?
A) Amortized
B) Unsecured
C) Secured
D) Interest free
Answer: C
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Steven Company owns 40% of the outstanding voting common stock of Nicole Corp. and has the ability to significantly influence the investee's operations. On January 3, 2018, the balance in the Investment in Nicole Corp. account was $503,000. Amortization associated with this acquisition is $12,000 per year. During 2018, Nicole earned net income of $120,000 and paid cash dividends of $40,000. Previously in 2017, Nicole had sold inventory costing $35,000 to Steven for $50,000. All but 25% of that inventory had been sold to outsiders by Steven during 2017; the remainder was sold in 2018. Additional sales were made to Steven in 2018 at an intra-entity selling price of $75,000. The goods in the intra-entity sales cost Nicole $54,000. Only 10% of the 2018 intra-entity purchases from Nicole had
not been sold to outsiders by the end of 2018.What amount of gross profit on 2017 intra-entity sales should Steven defer at December 31, 2017? What will be an ideal response?
A scale whose numbers serve only as labels or tags for identifying and classifying objects with a strict one-to-one correspondence between the numbers and the objects is called an ordinal scale
Indicate whether the statement is true or false
It is best to do marketing research even if the resources are not available to conduct a quality project
Indicate whether the statement is true or false
Regarding net pay, which of the following statements is incorrect?
A) The net pay amount is not important for accounting purposes. B) The amount of compensation that the employee actually takes home is net pay. C) The employer either writes a paycheck to each employee for his or her net pay or directly deposits the employee's net pay into the employee's bank account. D) Net pay equals gross pay minus all deductions.