Which of the following is not a justification for a change in depreciation methods?
a. A change in the estimated useful life of an asset as a result of unexpected obsolescence
b. A change in the pattern of receiving the estimated future benefits from an asset
c. To conform to the depreciation method prevalent in a particular industry
d. A change in the estimated future benefits from the asset
C
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What will be an ideal response?
Bribery, infiltration, and spying are all forms of inappropriate information gathering, a marginally ethical negotiating tactic.
Answer the following statement true (T) or false (F)
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Indicate whether the statement is true or false
On September 1, Knack Company signed a $50,000, 90-day, 5% note payable with Central Savings Bank. What is the journal entry that should be recorded by Knack upon maturity of the note? (Use 360 days a year.)
A. Debit Cash $50,625; credit Notes Receivable $50,625. B. Debit Notes Payable $50,000; credit Interest Revenue $625; credit Cash $49,375. C. Debit Notes Payable $50,000; debit Interest Expense $625; credit Cash $50,625. D. Debit Interest Expense $625; credit Interest Payable $625. E. Debit Notes Payable $50,625; credit Cash $50,625.