Which of the following is a rule of etiquette appropriate for salespeople?
A) Call a new prospect by their first name right away to break the ice.
B) Avoid offensive stories or comments unless you are meeting outside the client's office.
C) Do not express personal views on religion or politics until clients have first expressed their views.
D) When you invite a customer to lunch, do not discuss business before the meal is ordered unless the client initiates the subject.
E) Do not leave a voice mail; instead, call until you reach the client.
D
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Spitzer Corporation manufactures supplies for dry cleaning services. On October 1, 2017, it purchased a new machine at a cost of $10 million. For financial reporting purposes, it depreciates the machine over its expected useful life of 20 years on a straight-line basis with no salvage value. Because of the timing of the purchase, depreciation is taken for one-fourth of a year in 2017.For tax purposes, the machine qualifies as "10-year property." For 10-year property, depreciation rates (all as a percentage of the initial investment) are 10% in the year the property was acquired, 18% the next year, then 14.4%, 11.52%, 9.22%, 7.37%, 6.55%, 6.55%, 6.56%, 6.55%, 3.28%. Note that depreciation of 10% is taken for tax purposes in the year of acquisition regardless of when during the year the
asset was acquired.Ignore any deferred tax items that arise from any other sources. Assume a 40% tax rate. Required: What is the amount of Spitzer's depreciation expense for financial reporting purposes in 2017? What is the amount of Spitzer's depreciation expense for tax purposes in 2017? What is the amount of Spitzer's depreciation expense for financial reporting purposes in 2018? What is the amount of Spitzer's depreciation expense for tax purposes in 2018? Determine whether Spitzer has a deferred tax asset or a deferred tax liability as of December 31, 2017. What is the balance of this item at December 31, 2017? What is the amount of Spitzer's deferred tax asset or deferred tax liability as of December 31, 2018? What is the amount of the deferred portion of Spitzer's 2018 income tax expense? What will be an ideal response?
Jin Kwan comes from an Asian culture; why might he view high context messages as valuable?
A. High context messages are ambiguous and help both parties prevent embarrassment. B. High context messages cause one to lose face without being confronted directly. C. High context messages require partners to be active listeners. D. Jin Kwan wouldn’t value high context messages. Asians prefer low context messages.
On July 1, 2015, Frank Corp purchased $100,000 of 8% bonds at face value. Interest is paid annually on June 30 . If the accounting year for Frank ends at December 31, 2015, what will be reported with respect to the bonds on that date?
a. The carrying value of the bonds will be $108,000. b. The cash received in interest will be $8,000. c. Interest income in the amount of $4,000 will be accrued. d. A loss on the bonds will be reported in the Other Income and Expense section of the 2015 income statement until the entire amount of interest is paid on June 30, 2016.
Which of the following is true of economic communities?
A) They are groups of nations organized to work toward common goals. B) They were formed to increase trade barriers between member nations. C) They were formed to mediate global trade disputes. D) They require member countries to establish one currency. E) They tend to improve imports and hinder exports.