It's best to back up all claims and requests for adjustments with invoices, sales receipts, and so on and to send copies to the company and keep the originals
Indicate whether the statement is true or false.
Answer: TRUE
Explanation: Documentation of your version of the facts using official sales items is often critical to your case. Keep in mind that if, for example, you are missing a receipt you can often produce a credit card statement of the purchase to back up your claim.
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A machine with a cost of $75,000 has an estimated residual value of $5,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the second full year, using the double declining-balance method?
A) $17,500 B) $37,500 C) $18,750 D) $16,667
The cost of production of completed and finished goods during the period amounted to $400,000, and the finished products shipped to customers had total production costs of $337,000. From the following, select the entry to record the transfer of costs from work in process to finished goods
A) Finished Goods 337,000Work in Process 337,000 B) Finished Goods 400,000Work in Process 400,000 C) Work in Process 400,000Finished Goods 400,000 D) Work in Process 337,000Finished Goods 337,000
Which of the following is least likely to result in a constructive dividend?
A. a sale of a corporation's asset to a shareholder at fair market value B. a payment by a corporation of a shareholder's debts C. an unreasonable salary paid to a shareholder D. a payment by a corporation of a shareholder's personal expenses
Ethics are key to the success of economic systems
Indicate whether the statement is true or false