Greg, a self-employed plumber, commutes from his home to his office which is 10 miles away. At his office, he loads his truck for the day with the parts that he needs. Then he is off to see his first customer of the day, Mr. Smith. Mr. Smith is 5 miles away from the office. After Mr. Smith’s job, Greg goes to his next plumbing client, Martin’s Dry Cleaning, which is 21 miles away from Mr. Smith. Greg spends the rest of the day at Martin’s Dry Cleaning. From Martin’s Dry Cleaning, Greg goes home which is now only 7 miles away. How much can Greg count as deductible transportation miles?
A. None of it
B. 21 miles
C. 26 miles
D. 43 miles
Answer: C
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production-volume variance? a. $800 favorable b. $800 unfavorable c. $500 favorable d. $500 unfavorable
Lester Company purchases a piece of equipment on Jan. 2, 2010, for $30,000 . The equipment has an estimated life of eight years or 50,000 units of production and an estimated residual value of $3,000 . Lester uses a calendar fiscal year. The entry to record the amount of depreciation for 2010, using the double-declining-balance method, is:
a. Depreciation Expense– Equipment 4,500 Cash 4,500 b. Cash 5,000 Accumulated Depreciation– Equipment 5,000 c. Depreciation Expense — Equipment 5,500 Accumulated Depreciation– Equipment 5,500 d. Depreciation Expense — Equipment 7,500 Accumulated Depreciation– Equipment 7,500
Held-to-maturity securities are valued on the balance sheet at cost adjusted for the effects of interest
Indicate whether the statement is true or false
The finance department performs the function of selling goods or services.
Answer the following statement true (T) or false (F)