Tucker, a student from Texas, refers to all soft drinks as “Coke.” His roommate, Glen, from New Jersey, is very confused when Tucker hands him a root beer after offering him a Coke. This miscommunication occurred because symbols are ______.

a. uniquely human
b. mysterious
c. abstract
d. culturally bound


d. culturally bound

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During September, Excom sold 100 radios for $50 each. Each radio cost Excom $30 to purchase, and carried a two-year warranty. If 5% typically need to be replaced over the warranty period and one is actually replaced during September, for what amount in September would Excom debit Product Warranty Expense?

A) $50 B) $150 C) $30 D) $120

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Contract carriers are special bailees

Indicate whether the statement is true or false

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Saturn Corporation borrowed $412,000 at interest on May 20 for 72 days. The bank uses the exact interest method. What is the amount of interest on the loan? (Round to the nearest cent)

What will be an ideal response?

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Alejandro purchased a building in 1985, which he uses in his manufacturing business. Alejandro used the ACRS statutory rates to determine the cost-recovery deduction for the building. Alejandro's original cost for the building is $500,000 and cost-recovery deductions allowed are $500,000. If the building is sold for $800,000, the tax results to Alejandro are

A) $500,000 Sec. 1245 ordinary income and $300,000 Sec. 1231 gain. B) $800,000 Sec. 1245 ordinary income. C) $500,000 Sec. 1245 ordinary income and $300,000 Sec. 1250 income. D) $800,000 Sec. 1231 gain.

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