McCloud Company purchased a machine for $15,500. The machine is expected to last four years and has a residual value of $1,500. The entry to record depreciation expense at the end of the first year using the straight-line method is:
A) Depreciation Expense-Machinery 3,500 Accumulated Depreciation-Machinery 3,500
B) Machinery 3,875 Depreciation 3,875
C) Depreciation Expense-Machinery 3,875 Machinery 3,875
D) Accumulated Depreciation-Machinery 1,500 Machinery 1,500
A
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The FASB requires a reconciliation of net income to net cash provided or used by operating activities when the ________ method is used.
Fill in the blank(s) with the appropriate word(s).
_____ refers to the degree to which the organization monitors and responds to changes in the external environment
a. Means-ends orientation b. Open-systems focus c. Conflict tolerance d. Risk tolerance
Influence means that the relationship among people is passive.
Answer the following statement true (T) or false (F)
The inventory turnover ratio:
A. Reveals how many times a company sells its merchandise inventory during a period. B. Is used to measure solvency. C. Is used to analyze collectability. D. Calculation depends on the company's inventory valuation method. E. Reveals how many days a company can sell inventory if no new merchandise is purchased.