An adjusting entry is made at the end of the year to record actual income tax for the corporation
Indicate whether the statement is true or false
T
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The continuity assumption acknowledges that estimates of net income are still useful
Indicate whether the statement is true or false
Cayman Inc. bought 30% of Maya Company on January 1, 2018 for $450,000. The equity method of accounting was used. The book value and fair value of the net assets of Maya on that date were $1,500,000. Maya began supplying inventory to Cayman as follows: Cost to MayaTransfer PriceAmount Held by Cayman at Year-End2018$30,000$45,000$9,0002019$48,000$80,00020,000??Maya reported net income of $100,000 in 2018 and $120,000 in 2019 while paying $40,000 in dividends each year.?What is the balance in Cayman's Investment in Maya account at December 31, 2019?
A. $488,700. B. $514,500. C. $494,400. D. $492,000. E. $489,600.
Which of the following statements is true of placement agencies?
A. They focus solely on filling managerial jobs for companies. B. They only guarantee temporary jobs to their members. C. They charge a fee for their services. D. They are run by colleges to assist their students in finding jobs.
In a case in the text, even though a jury found a partner not guilty of malpractice in his treatment
of a patient and found his partner guilty, the appellate court ruled that both parties were still jointly and severally liable for damages awarded for injuries sustained by the patient. Indicate whether the statement is true or false