The percentage-of-sales technique of establishing an overall promotional budget is likely to provide too much funds in periods of high sales and too few funds in periods of low sales
Indicate whether the statement is true or false
True
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Hancock Medical Supply Co., earned $88,000 of revenue on account during Year 1, its first year of operation. During Year 1, Hancock collected $69,600 of cash from its receivables accounts. The company did not write-off any uncollectible accounts. It estimates that it will be unable to collect 1% of revenue on account. What is the net realizable value of receivables that will be reported on the balance sheet at December 31, Year 1?
A. $18,400 B. $18,216 C. $17,704 D. $17,520
Which of the following is correct regarding the characteristics of a corporation?
A) A corporation is considered a person within the meaning of the Eighth Amendment. B) The Fifth Amendment provisions against self-incrimination protect a corporation. C) A corporation is protected by the Fourth Amendment's provision against unreasonable searches and seizures. D) A corporation is taxed like a partnership.
Contract interference: A) requires involvement by more than one third party
B) requires proof of intent to interfere. C) is a federal crime. D) requires proof of misappropriation.
Daniella exchanges business land with a $100,000 adjusted basis for $10,000 cash and business land with a $96,000 FMV. What is the amount of gain recognized on the exchange?
A. $4,000 B. $10,000 C. $6,000 D. $0