On May 18, of last year, Carter sells unlisted stock with a cost of $24,000 for $60,000. Carter collects $20,000 initially and is scheduled to receive $10,000 each year for four years starting this year plus an acceptable rate of interest. After receiving the first $10,000 scheduled installment payment, Carter is unable to collect any further payments. After incurring legal fees of $1,000, Carter
recovers a portion of the stock valued at $26,000. As a result of the repossession, Carter must report
A) ordinary income of $9,000.
B) capital gain of $9,000.
C) ordinary income of $13,000.
D) capital gain of $13,000.
D) capital gain of $13,000.
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If a penny is tossed three times and comes up heads all three times, the probability of heads on the fourth trial is
A. 0. B. 1/16. C. 1/2. D. larger than the probability of tails.
On December 3, the XFL Company paid $1,400 cash in salaries to employees. Prepare the general journal entry to record this transaction.
What will be an ideal response?
According to some experts, what has been an effect of the increased use of technology for communication with customers?
A. More rudeness B. More competition C. Less productivity D. Less communication E. More personal interactions
Managers from cultures with a ______ orientation, such as the United States, might be prone to identify a situation as a problem to be solved.
A. doing B. being C. restricted D. satisficed