A lender may grant a loan in the absence of a marketable title if the defects are minor
Indicate whether the statement is true or false.
TRUE
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Xtra Company purchased a business from Argus for $96,000 above the fair value of its net assets. Argus haddeveloped the goodwill over 12 years. How much would Xtra amortize the goodwill for its first year?
a. not enough information to calculate amortization b. $7,000 c. $8,000 d. goodwill is not amortized
The credit department uses accounts receivable master data to complete several of their activities
Indicate whether the statement is true or false
All of the following accounts have normal credit balances except
a. Investments b. Common Stock (Capital Stock) c. Accounts payable d. Service Revenue
The maturity value of a note is the same as the principal
Indicate whether the statement is true or false