The following transactions occurred during March, the first month of operations for Canyon Products, Inc: 1 . Issued 50,000 shares of capital stock in exchange for $600,000 cash 2 . Purchased land for $400,000, using a $150,000 cash down payment and signing a note payable for the balance. 3 . Made a $60,000 cash payment on the note payable from the purchase of land. 4 . Purchased equipment on
credit from Burton, Inc for $63,000. What is the balance in the Cash account at the end of March?
a. $810,000
b. $210,000
c. $600,000
d. $390,000
d
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Answer the following statements true (T) or false (F)
1. An expenditure that increases the capacity or efficiency of a plant asset or that extends the asset's life is known as a revenue expenditure. 2. Repair work that generates a capital expenditure because it extends a plant asset's useful life past the normal expected life is known as an extraordinary repair. 3. Ordinary repairs to plant assets are referred to as revenue expenditures. 4. If a minor repair was incorrectly debited to the asset account, expenses and net income would be 5. If a company expenses an extraordinary repair, net income would be understated and the asset would be understated.
Service desks that recognize information as a resource and try to prevent incidents and prepare for the future are known as ____ service desks.
A. preventative B. proactive C. leading edge D. centralized
Inspection costs at one of Ratulowski Corporation's factories are listed below: Units Produced Inspection CostsApril777 $10,176May807 $10,404June798 $10,355July835 $10,665August822 $10,542September795 $10,313October805 $10,409November853 $10,795December796 $10,310Management believes that inspection cost is a mixed cost that depends on units produced. Using the high-low method, the estimate of the variable component of inspection cost per unit produced is closest to:
A. $8.14 B. $0.12 C. $7.05 D. $12.89
The ________ culture is characterized by a strong emphasis on equality in the workplace and orientation to the task.
A. Eiffel Tower B. family C. guided missile D. incubator