The government uses taxes to purchase resources and products required to provide services.
Answer the following statement true (T) or false (F)
True
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In testing for unrecorded retirements of equipment, an auditor most likely would:
A. select items of equipment from the accounting records and then locate them during the plant tour. B. compare depreciation journal entries with similar prior-year entries in search of fully depreciated equipment. C. scan the general journal for unusual equipment additions and excessive debits to repairs and maintenance expense. D. inspect items of equipment observed during the plant tour and then trace them to the equipment subsidiary ledger.
International water carriers operate with oceangoing, deep-water ships. How will this mode of freight transportation be affected by expansion of the Panama Canal?
a. ?Competition will be created in port cities along the Atlantic Coast since the amount of freight coming through the canal will be limited. b. ?Ships that operate on the Great Lakes transporting iron ore from Minnesota will be able to use this route. c. ?Large ships that carry "reefers" will come under closer scrutiny by foreign officials unfamiliar with this term. d. ?Larger-sized ships will be able to pass through the all-water route from Asia to the Atlantic Coast of the United States. e. ?Shippers will incur lower costs compared with the rates for other transportation modes.
Determine the annual shortage cost
A company distributes repair parts for high-end appliances. The annual demand is 81,000 and the company operates 300 days per year. The annual carrying cost is 20% of the item cost, which is $500. The ordering cost is estimated at $60 and the shortage cost is $150.
Late in the calendar year, Jessica must choose between selling stock that was purchased 2 years ago for $10,000 and has fallen to $7,000 or a different stock that was purchased 1 year ago for $5,000 and has risen to $7,000
If the investor has no other capital gains, which stock should she sell? What will be an ideal response?