Goodwill can be recorded as an asset when a(n)
a. business has above normal profitability compared to other businesses in its industry.
b. business can determine that it has created customer goodwill and name recognition.
c. offer is received to purchase the business at a price in excess of the value of the assets.
d. business is purchased and payment is made in excess of the value of the net assets.
d
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Merchandise Inventory increased $28,000 and Accounts Payable decreased $19,600 during the year
Accounts Payable relates only to the acquisition of merchandise inventory. Sales were $796,000 and Cost of Goods Sold was $549,700. Compute the payment made to the suppliers. A) $577,700 B) $569,300 C) $597,300 D) $47,600
Feder prepares federal corporate income tax returns for Giant Stores, Inc., and other firms. Under the Internal Revenue Code, with respect to an understatement of a client's tax liability, Feder may be liable for
A. negligent or willful misconduct. B. no misconduct. C. only negligent misconduct. D. only willful misconduct.
Chiquita Banana was required to pay a $25 million fine to the U.S. government because:
a. It violated the Foreign Corrupt Practices Act. b. It made grease payments to customs officials by declaring extra weight on its banana shipments. c. It made security payments to a terrorist organization. d. None of the above
Social security numbers consist of numeric values. Therefore, social security number is an example of
a. a quantitative variable. b. either a quantitative or a categorical variable. c. an exchange variable. d. a categorical variable.