Gap analysis does not involve evaluating management perceptions
Indicate whether the statement is true or false
FALSE
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The following information is available for Fenton Manufacturing Company at June 30: Cash in bank account$7255?Inventory of postage stamps$82?Money market fund balance$13,200?Petty cash balance$430?NSF checks from customers returned by bank$947?Postdated checks received from customers$591?Money orders$1057?A nine-month certificate of deposit maturing on December 31 of current year$8800??Based on this information, Fenton Manufacturing Company should report Cash and Cash Equivalents on June 30 of:
A. $21,914 B. $17,542 C. $21,832 D. $20,885 E. $21,942
To assist someone from another culture with understanding English
a. use slang language. b. use standard English. c. use culturally-based metaphors. d. none of these choices.
Bad-news announcements are often written in response to another message
Indicate whether the statement is true or false
Elaine loaned her brother, Mike, $175,000 to purchase a new home. Elaine does not charge Mike any interest on the loan. What are the tax consequences to Elaine and Mike?
A. If Mike has no net investment income, Elaine does not have to treat the forgone interest as a gift. B. Mike can deduct the interest that he is deemed to have paid Elaine. C. Elaine is treated as having made a gift of the forgone interest on the $175,000 loan to Mike. D. Elaine only has to impute interest on $75,000 of the loan to Mike.