Which of the following is an example of an extraordinary repair?
A. Replacement of all florescent light tubes in an office.
B. Routine machine maintenance.
C. Replacing the roof on a manufacturing warehouse.
D. New tires for a truck.
E. Carpet cleaning and repair.
Answer: C
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If Ashley Company accounts for the investment as a minority, active investment and uses the equity method to account for the investment, the investment will appear in the December 31, 2010 balance sheet at what amount?
a. $60,000 b. $65,000 c. $64,000 d. $75,000
You have just been appointed to lead a very active campus club on their goal to raise US$10,000. You have inherited a four-person fundraising team that has been in place for a year. If you want to apply the situational leadership approach, what should your first and second actions be?
What will be an ideal response?
The amount of interest paid when buying a bond as an investment should be credited to Interest Revenue
Indicate whether the statement is true or false
Match each of the following items with the appropriate definitions.(A) Financing activities(B) Investing activities(C) Statement of cash flows(D) Indirect method(E) Direct method(F) Operating activities________ (1) A method of computing and reporting that involves adjusting net income by adding and subtracting items that that do not affect cash provided (used) by operating activities.________ (2) A financial statement that reports the cash inflows and cash outflows for an accounting period, and classifies those cash flows as operating, investing, or financing activities.________ (3) A method of computing and reporting the net cash provided (used) by operating activities that lists the major items of operating cash receipts, and then subtracts the major items of operating cash
payments.________ (4) Transactions that include purchasing and selling plant assets and investments in debt and equity securities.________ (5) Transactions with a company's owners and creditors that include obtaining cash from issuing debt and repaying the amounts borrowed, and distributing cash to owners.________ (6) Activities that involve the production or purchase of merchandise and the sale of goods or services to customers, including expenditures related to administering the business. What will be an ideal response?