During Year 5, Taylor Corporation signed a long-term lease for a building. It classified the lease as a capital lease and recorded it in the accounts as follows: Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Capitalized Lease Obligation . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 The transaction requires
a. inclusion in the statement of cash flows as an operating activity, only.
b. inclusion in the statement of cash flows as an investing activity, only.
c. inclusion in the statement of cash flows as a financing activity, only.
d. disclosure in a supplementary schedule or notes to the financial statements.
e. disclosure in managements' discussion and analysis.
D
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Net revenue – cost of sales =
a. net profit b. gross profit c. the bottom line d. the current ratio e. cost of goods sold
Benchmarking and scanning are sufficient to stay ahead of the innovation curve.
Answer the following statement true (T) or false (F)
Games Galore Corporation hires Haley, a minor, to create new customized game software for certain clients. Haley signs a contract that requires her to work for Games Galore for eighteen months. Before beginning work, however, Haley tells Games Galore
that she will not create new software for Games Galore and that she is going to work for Ideal Worldcraft, Inc, a Games Galore competitor. Is Games Galore's contract with Haley en-forceable? Why or why not?
There is no right to trial by jury in a hearing at an administrative agency to determine if the law has been violated because:
a. administrative agencies are not subject to the Constitution b. there is no criminal or common-law cause c. Congress is above the Constitution and Congress gives agencies their authority d. the Supreme Court is not involved e. none of the other choices are correct