A server computer purchased by Selectron, Inc cost $1,483,400. Prepare a depreciation schedule using the MACRS (Modified Accelerated Cost Recovery System) method and calculate the accumulated depreciation at the end of year 3. (Round all amounts to the nearest cent)
A) $284,812.80
B) $890,040.00
C) $683,982.77
D) $1,056,180.80
D
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Answer the following statements true (T) or false (F)
1. To help prevent theft by the sales clerk, at the end of each day, the manager proves the cash by comparing the cash in the drawer against the cash register&#s record of cash sales. 2. To ensure that there is no collusion between the manager and sales clerks, the accounting department employees deposit the cash in the bank and use the deposit slip to prepare the journal entry for cash receipts and sales revenue. 3. As a part of the internal control over cash receipts by mail, the mailroom sends both the customer checks and the remittance advices to the accounting department. 4. Regarding controls over cash receipts by mail, the accounting department should prepare the deposit ticket from the remittance advices. 5. For strong controls over cash receipts, the checks to be deposited should be sent to the treasurer, and the remittance advices should be sent to the accounting department.
Explain the differences between the cash and the accrual basis of accounting and how the adjusting process fits in
Fiola is undergoing a special training session to understand the theory of relativity. Mark, Fiola's tutor, conducts the training sessions for her. Mark uses jargon, and this makes it difficult for Fiola to comprehend the theory. In this scenario, which of the following communication barriers is most likely interfering with Fiola's understanding of the theory?
A. A language barrier B. A physical barrier C. A cultural barrier D. A perceptual barrier
What is the essential difference between an option and a futures contract?
A) An option transaction occurs now, while a futures contract takes place in the future. B) An option transaction is a right to transact for the option holder, while a futures contract is an obligation to transact in the future. C) An option transaction is not standardized, while a futures contract is standardized. D) An option transaction deals with financial assets, while a futures contract deals with commodities.