Average age of inventory can be calculated as inventory turnover divided by 365
Indicate whether the statement is true or false
FALSE
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Recognizing tax benefits in a loss year due to a loss carryforward requires
a. only a footnote disclosure. b. creating a new carryforward for the next year. c. creating a deferred tax asset. d. creating a deferred tax liability.
Diversity is an important component of successful teams
Indicate whether the statement is true or false
Jorge had a very busy workday with many back to back meetings scheduled. By 1 pm Jorge noticed he was already one hour behind because everyone seemed so talkative that each meeting ran over. In which mental model would this not be acceptable organization behavior?
a. Simpatia b. Protestant relational c. Quanxi d. Chaebol
An asset was purchased for $31,000 on January 1, 2016
The asset's estimated useful life was five years, and its residual value was $8,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $21,000 on December 31, 2016, the last day of the accounting period. A) $2,700 gain B) 5,400 loss C) 5,400 gain D) no gain or no loss