Typically exempt from the sales/use tax base is the purchase of lumber by a do-it-yourself homeowner when she builds a deck onto her patio. This exemption is known as the homestead rule.
Answer the following statement true (T) or false (F)
False
Rationale: The homeowner is the ultimate consumer of the product, so the transaction is taxable to her.
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On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank. Thenote requires annual payments of $23,492, with the first payment occurring on the last day of the fiscal year. Thefirst payment consists of interest of $11,550 and principal repayment of $11,942 . The journal entry to record theissuance of the installment note for cash on January 1 would
include a a. debit to interest expense for $11,550 b. credit to interest payable for $11,550 c. credit to notes payable for $165,000 d. debit to notes payable for $165,000
Earning a regular salary is an example of which of the following?
a. advantage of internal consulting b. advantage of external consulting c. disadvantage of internal consulting d. disadvantage of external consulting
Noncash investing and financing transactions, such as the exchange of common stock to purchase assets, represent significant investing and financing activities and are disclosed in a supplementary schedule that is attached to the statement of cash flows
Indicate whether the statement is true or false
The duty of care that each of us must follow is to behave as a reasonable person
Indicate whether the statement is true or false