Which of the following would not be entered into any of the four special journals covered in this chapter?
a. purchases on account; b. wages payable; c. rent revenues received; d. sales discounts; e. all of these would be entered into a special journal.
B
You might also like to view...
The three primary functions of business communication are to inform, to persuade, and to promote ____________________
Fill in the blank(s) with correct word
Financing Statement. In 1994, SouthTrust Bank, N.A., loaned funds to Environmental Aspecs, Inc (EAI), and its subsidiary, EAI of NC. SouthTrust perfected its security interest by filing financing statements that listed only EAI as the debtor, described
only EAI's assets as collateral, and were signed only on EAI's behalf. SouthTrust believed that both companies were operating as a single business represented by EAI. In 1996, EAI of NC borrowed almost $300,000 from Advanced Analytics Laboratories, Inc (AAL). AAL filed financing statements that listed the assets of EAI of NC as collateral but identified the debtor as EAI. The statements referred, however, to attached copies of the security agreements, which were signed by the president of EAI of NC and identified the debtor as EAI of NC. One year later, EAI and EAI of NC renegotiated their loan with SouthTrust, and the bank filed financing statements listing both companies as debtors. In 1998, EAI and EAI of NC filed for bankruptcy. One of the issues was the priority of the security interests of SouthTrust and AAL. AAL contended that its failure to identify, on its financing statements, EAI of NC as the debtor did not give SouthTrust priority. Is AAL correct? Why or why not?
Which of the following statements about the tax consequences of gambling is true?
A. Gambling winnings are taxable, but gambling losses are not deductible. B. Gambling losses are an above-the-line deduction. C. Gambling winnings are not taxable, and gambling losses are not deductible. D. Gambling losses are deductible as itemized deductions only to the extent of gambling winnings.
Your company rents computers to local businesses and schools. You have 1800 computers with a book value of $165,000. As a result of changing technology, your computers are more difficult to rent so you must drastically reduce your rental price, which causes a decrease in estimated future cash flows. The fair value of the computers is estimated to be $130,000 because of their outdated technology. Your company should report an asset impairment loss of:
A. $0. B. $35,000. C. $165,000. D. $130,000.