The basic cash budget format is: Total cash available - Total cash disbursed = Surplus or shortage of cash +/- Effects of financing = Ending cash.
Answer the following statement true (T) or false (F)
True
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Consider a three-year coupon bond that has a present value of $2,000. If the annual rate of discount is 7 percent, and the payment made at the end of each year is $140, the principal amount to be repaid at the end of three years is
A. $1,860.00. B. $2,000.00. C. $2,140.00. D. $2,156.40.
The cost of operating the common manufacturing facility is a(n) _____
A) opportunity cost B) traceable cost C) non-traceable cost D) sunk cost E) differential cost
Under the 12-month rule for the current-period deduction of prepaid expenses of cash basis taxpayers, the asset must expire or be consumed by the end of the tax year following the year of payment.
Answer the following statement true (T) or false (F)
Robert, a minor, buys a stereo from Jane for $200 . State law allows a minor to disaffirm contracts within a reasonable time after turning 18 . Robert disaffirms the contract the day after turning 18 and returns the stereo
a. This contract was a valid contract, Robert cannot disaffirm. b. This contract was a voidable contract, Robert can disaffirm. c. This contract was a void contract. d. This contract was unenforceable because it needed to be in writing to be enforceable.