If P(A and B) = 0, then A and B must be collectively exhaustive
a. True
b. False
Indicate whether the statement is true or false
False
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What is the difference between a subculture and a microculture?
What will be an ideal response?
A company has a net cash inflow from operating activities of $794,000, a net cash outflow of $60,000 from investing activities and a net cash inflow of $100,900 from financing activities. The company paid $129,000 in interest, $189,000 in income taxes, and $205,000 in cash dividends. Which of the following statements about the statement of cash flows is not correct?
A. Supplemental disclosures required for a company using the indirect method include the amount of interest and the amount of income taxes paid. B. The cash dividends of $205,000 paid will be reported as a cash outflow in the cash flow from investing activities section. C. The statement of cash flows will show a net increase in cash and cash equivalents of $834,900. D. If the direct method is used, the $129,000 of interest paid and the $189,000 of income taxes paid will be reported in the cash flows from operating activities.
Lester, a California resident, owns a parcel of property in Arkansas. Lester has not visited the property in 22 years but has paid taxes on it. When Lester finally returns to the property, he discovers that Brunyan has been using the lot for 21 years as
a storage yard for his auto wrecking business. Lester brings suit to have Brunyan ejected. Brunyan claims title by adverse possession. What result?
Given that the letter from the vice president of sales was not attached to or documented in the order letter submitted by Magicon to Longeta, document your conclusion as to the impact, if any, the vice president’s letter has on the accounting treatment for the transaction since it was not part of the order letter.
What will be an ideal response?