An advantage of buying an asset rather than leasing is that installment payments associated with buying often are lower than lease payments.
Answer the following statement true (T) or false (F)
False
Lease payment often are tied only to the portion of the asset's fair value expected to decline over the lease period (rather than the asset's entire value). This means the monthly payments associated with leasing often are lower.
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A bank's excess reserves equal its
A. vault cash plus deposits at the Federal Reserve. B. total reserves minus required reserves. C. reserve requirement times transactions deposits. D. vault cash plus required reserves.
Fraud is negligent misrepresentation.
Answer the following statement true (T) or false (F)
Land Corporation reported the following:
Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $12.00 per share?
A) Treasury Stock—Common is debited for $480,000.
B) Paid-In Capital from Treasury Stock Transactions is credited for $135,000.
C) Retained Earnings is debited for $480,000.
D) Common Stock—$5 Par Value is credited for $200,000.
What accounts are recorded in an entry when a purchase on account of $250.00 is made under the periodic system and freight of $60.00 is paid?
a. Cost of Goods Sold and Freight-In are debited, Cash and Accounts Receivable are credited. b. Cost of Goods Sold and Purchases are debited, Cash and Freight-In are credited. c. Purchases and Freight-In are debited, Accounts Payable and Cost of Goods Sold are credited. d. Purchases and Freight-In are debited, Cash and Accounts Payable are credited. e. Cost of Goods Sold and Accounts Receivable are debited, Accounts Payable and Cash are credited.