Kopel Company transferred an inventory asset to Cassim LLC in exchange for Cassim's $230,000 interest-bearing note. Kopel's tax basis in the note is its $230,000 face value.
Answer the following statement true (T) or false (F)
True
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________ is the product for service companies
A) Inbound logistics B) Operations C) Marketing D) Sales
On January 1, 20X2, Pint Corporation acquired 80 percent of Size Corporation for $200,000 cash. Size reported net income of $25,000 each year and dividends of $5,000 each year for 20X2, 20X3, and 20X4. On January 1, 20X2, Size reported common stock outstanding of $160,000 and retained earnings of $40,000, and the fair value of the noncontrolling interest was $50,000. It held land with a book value of $90,000 and a market value of $100,000, and equipment with a book value of $40,000 and a market value of $48,000 at the date of combination. The remainder of the differential at acquisition was attributable to an increase in the value of patents, which had a remaining useful life of eight years. All depreciable assets held by Size at the date of acquisition had a remaining economic life of
eight years. Pint uses the equity method in accounting for its investment in Size.Based on the preceding information, what balance would Pint report as its investment in Size at January 1, 20X5? A. $248,000 B. $260,000 C. $236,000 D. $300,000
It is Monday night, and Francesca is experiencing more stress symptoms than usual
She notices that she has lost two more pounds, her headache is intense, and a rash has broken out on her face. Francesca thinks, "I've got to do something to get out from under all this stress." What do you recommend Francesca do to reduce the stress she is experiencing? A) Get a group of friends together to form a support group that will meet every Sunday afternoon between three and five. B) Create a few personal accounts on social networking sites, so she can visit them as a pleasant diversion during and after work. C) Jog every day for ten minutes each night after all her work and family responsibilities have been completed. D) Find a better balance between work and family responsibilities.
A company purchased a computer on July 1, 2017 for $50,000. Estimated useful life of the computer was five years, and it has no residual value. Which of the following methods should be used to best match its expense against the revenue it produces?
A) the units-of-production method B) the straight-line method C) the double-declining-balance method D) the first-in, first-out method