Some visions are accidental; a company may stumble into an opportunity, and the leader may get credit for foresight.
a. true
b. false
Answer: a. true
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Frank Corporation purchased supplies at a cost of $15,000 during 2015 . At January 1, 2015, supplies on hand were $2,000 . At December 31, 2015, supplies on hand are $2,500 . Calculate supplies expense for 2015
a. $ 15,500 b. $ 14,500 c. $ 15,000 d. $ 17,000
How minority men and women are often viewed in the media?
What will be an ideal response?
Employees earn vacation pay at a rate of one day per month. The company estimated and must expense $1,500 of accrued vacation benefits for the year. Which of the following is the necessary year-end adjusting entry to record accrued vacation benefits?
A. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500. B. Debit Prepaid Benefits Payable $1,500; credit Vacation Benefits Expense $1,500. C. Debit Payroll Tax Expense $1,500; credit Payroll Taxes Payable $1,500. D. Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500. E. Debit Vacation Benefits Expense $1,500; credit Prepaid Vacation $1,500.
Laurie's Lawn Service, Inc., purchases a heavy-duty tri-cut lawn mower on March 17, 2019, for $5,500. Under a special election, Laurie's expenses the $5,500 cost of the lawn mower in 2019. In July, a tire on the lawn mower is repaired at a cost of $450. Maintenance costs on the lawn mower for 2019 total $175. What is Laurie's basis in the lawn mower at the end of 2019?
A. $- 0 - B. $450 C. $5,500 D. $5,950 E. $6,125