In the current year, Keyaki Construction Company exchanged an old truck, which cost $53,000 and had accumulated depreciation of $16,000, for a new truck having a fair market value of $65,000 . In connection with the exchange, Keyaki paid $28,000 in cash. What is the tax basis of the new truck?
a. $37,000
b. $54,000
c. $65,000
d. $69,000
e. None of the above
c
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Las Palmas Company reported the following items on its financial statements for the year ending December 31, 2016: Sales $ 560,000 Cost of goods sold $400,000 Salary expense 40,000 Interest expense 30,000 Dividends 30,000 Income tax expense 25,000 How much will be reported as retained earnings on Las Palmas' balance sheet at December 31, 2016, if this is the first year of operations?
a. $ 45,000 b. $ 35,000 c. $ 85,000 d. Not enough information is provided.
The process of copying debits and credits from the journal to the ledger accounts is known as transferring
Indicate whether the statement is true or false
The organizational dimension of an employee’s diversity ______.
a. can be unchanging or evolving b. is the most difficult dimension with which to categorize a person c. has little influence over how others perceive us d. has little effect on how we perceive others
Which type of person relies on factual information, such as someone’s past experience and track record as a basis for trust?
a. Disposition-based b. Perception-based c. Cognition-based d. Affect-based