Sid burned his own warehouse in an attempt to collect on a fire insurance policy. Sid has committed
a. arson since he maliciously used fire to damage or destroy personal property.
b. larceny since he committed an act intended to wrongfully obtain money from his insurance company.
c. a crime called "burning to defraud insurers" since the crime of arson only applies to property owned by another person.
d. an intentional tort, but not a crime since a person has a right to destroy his own property.
a
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Most corporations must estimate their annual income taxes and make
a. annual payments. b. semiannual payments. c. monthly payments. d. quarterly payments.
Squidly Products sold and delivered modems to Detail Solutions for $6,600 to be paid by Detail Solutions in three equal installments over the next three months. The journal entry made by Squidly to record this transaction will include:
a. A credit to Cash for $6,600. b. A debit to Accounts Receivable for $6,600. c. A debit to Accounts Receivable for $2,200. d. A debit to Sales Revenue for $6,600.
Kim, a resident and citizen of Korea, dies during an operation at the Mayo Clinic in Rochester (MN). Because Kim died in the United States, she will be subject to the Federal estate tax.
Answer the following statement true (T) or false (F)
A company issued financial statements for the year ended December 31, but failed to include the following adjusting entries: A. Accrued interest revenue earned of $1,200.B. Depreciation expense of $4,000.C. Portion of prepaid insurance expired (an asset) used $1,100.D. Accrued taxes of $3,200.E. Revenues of $5,200, originally recorded as unearned, have been earned by the end of the year.Determine the correct amounts for the December 31 financial statements by completing the following table:?AssetsLiabilitiesEquityNet IncomeReported amounts…...$350,000$200,000$150,000$70,000Add (subtract) tocorrect for item:????A…..????B…..????C…..????D…..????E…..???? Corrected amounts………$$$$
What will be an ideal response?