Accountants focus on the needs for financial information by both internal and external decision makers
Indicate whether the statement is true or false
True
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Only one of the four daughter cells becomes a functional gamete in spermatogenesis.
Answer the following statement true (T) or false (F)
Pepper Corporation owns 75 percent of Salt Company's voting shares. During 20X8, Pepper produced 50,000 chairs at a cost of $79 each and sold 35,000 chairs to Salt for $90 each. Salt sold 18,000 of the chairs to unaffiliated companies for $117 each prior to December 31, 20X8, and sold the remainder in early 20X9 to unaffiliated companies for $130 each. Both companies use perpetual inventory systems.Based on the information given above, what amount of cost of goods sold must be reported in the consolidated income statement for 20X8?
A. $2,765,000 B. $2,963,000 C. $1,620,000 D. $1,422,000
On January 1, 2018, Sanderson Company acquired a machine for $1,070,000. The estimated useful life of the asset is five years. Residual value at the end of five years is estimated to be $87,000. What is the book value of the machine at the end of 2019 if the company uses the straight-line method of depreciation?
A) $642,000 B) $676,800 C) $589,800 D) $641,996
A discount reduces the interest expense of a bond over its life.
Answer the following statement true (T) or false (F)