The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account is the:
A) Income Summary account.
B) Closing account.
C) Balance column account.
D) Contra account.
E) Nominal account.
A) Income Summary account.
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The contemporary perspective includes which of the following viewpoints?
A. Behavioral B. Systems C. Quantitative D. Classical E. Rational
Don received in the mail merchandise he never ordered. The package was addressed to him, and when he opened it he saw a brochure stating he could keep the products for only $19.95 . If he chose not to keep the products he was instructed to mail them back within five days. Don:
a. can keep and use the merchandise without having to pay for it. b. can keep the merchandise only if he pays the $19.95. c. must send the merchandise back within five days if he does not want it. d. None of the above is correct.
Alexander Demetrius Dickson, ADD to his friends, has three big projects he is working on, and he can't seem to organize his time effectively. Each of the three projects, we'll call them A, B, and C, should take ten days to complete
He is currently contemplating two different approaches. Approach one is to work each project to completion before starting on the next. The problem with this approach is that he tends to burn out if he works on one task for an extended period of time. For every two days he works on one single task, he finds he must take a half day off. ADD's alternative is to multitask, that is, work on project A for a day, then switch to project B for a day, before switching to project C for a day. The problem with this approach is that there is a small setup time equaling one-quarter of a day associated with each transition. Use a Gantt chart to show the effect of each approach and determine which method is the best (has the overall fastest completion time) for performing this work.
Fortune Drilling Company acquires a mineral deposit at a cost of $5,900,000. It incurs additional costs of $600,000 to access the deposit, which is estimated to contain 2,000,000 tons and is expected to take 5 years to extract. Compute the depletion expense for the first year assuming 418,000 tons were mined.
A. $1,233,100. B. $1,358,500. C. $1,180,000. D. $1,300,000. E. $1,280,000.