A three-month note dated April 1 would be due on July 1
a. True
b. False
Indicate whether the statement is true or false
True
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The risk of a company not being able to pay its liabilities increases sharply when times interest earned falls below 1.5 to 2.0 and remains at that level or lower for several time periods.
Answer the following statement true (T) or false (F)
On January 1, Year 1, Chisolm Company purchased equipment for $36,000 cash. On December 31, Year 1, depreciation of $9,000 was recorded. Which of the following correctly shows the combined effect of these two events on the income statement and statement of cash flows? Chisolm uses the direct method. Cash FlowsNet IncomeOperatingInvestingFinancing
A.
| (9,000) | (9,000) | (27,000) | NA |
B.
| (9,000) | NA | (36,000) | NA |
C.
| (45,000) | (45,000) | NA | NA |
D.
| (9,000) | 9,000 | (27,000) | NA |
If the beginning balance in OAA is zero and the following transactions occur, what is the ending OAA balance?
Depreciation recapture income $21,000 Payroll tax penalty 4,200 Tax-exempt interest 5,700 Nontaxable life insurance proceeds 3,900 Insurance premiums paid (nondeductible) 2,900 Charitable contributions 17,000 A. $1,300. B. $6,700. C. $23,300. D. $27,500.
According to General Ronald Fogleman, leaders with integrity are: a. sincere
b. consistent. c. good finishers. d. All the above