Midwest Enterprises uses special journals. The company borrowed $10,000 from First State Bank. This transaction is recorded in the ________.
A) general journal
B) debt journal
C) cash receipts journal
D) cash payments journal
C) cash receipts journal
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At the end of the current year, Brothers company claims a $225,000 tax credit on its income tax return. Brothers is uncertain about whether the IRS will accept the credit. After some research it is determined that the IRS may not accept all of the tax credit. Brothers estimates the likelihood using the following probability distribution: Dollar Amount of Tax Benefit that it Anticipates will be upheld ? Probability that the Tax Position will be Upheld Cumulative Probability that the Tax Position will be Upheld $ 225,000 20% 35% $ 150,000 55% 65% $ 75,000 25% 100% ? Required:For the current year determine:1) the amount Brothers will be able to recognize as a current tax benefit2) the amount that will be record as the unrecognized tax benefit.
What will be an ideal response?
Amanda, a recent university graduate, needed a car to get to her new job. To help Amanda secure a loan for the car, Ted, a friend, agreed to pay the loan should Amanda default. Ted's promise to pay the loan is a collateral promise. His promise must be in writing to be enforceable
a. True b. False Indicate whether the statement is true or false
Merlin is a drug addict who has completed a supervised drug-rehabilitation program. Nabil used drugs casually in the past. Both work for Omni Insurance & Investments Inc Considered to have a disability under the Americans with Disabilities Act of 1990
a. are Merlin and Nabil. b. is Merlin only. c. is Nabil only. d. none of the choices.
If there are 2000 customers who shop at either store, how many over the long run would shop at Limmer's?
A) 333 B) 400 C) 667 D) 1000 E) 1600