Expense items are depreciated over many years, while capital items are charged off, as they are used usually in the year of purchase.
Answer the following statement true (T) or false (F)
False
A capital item is a long-lasting product that can be used and depreciated for many years. It is often very expensive. Customers pay for the capital item when they buy it, but for tax purposes the cost is spread over a number of years. This may reduce the cash available for other purchases.
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Indicate whether the statement is true or false
The following information is available for the Noir Detective Agency. After closing entries are posted, what will be the balance in the Retained earnings account? Net Loss$37,600?Retained earnings 299,000?Dividends 40,000?
A. $296,600. B. $221,400. C. $301,400. D. $259,000. E. $299,000.
Please list the three things to keep in mind when dealing with your emotions and those of others.
What will be an ideal response?
The 2010 plan intended to reform the U.S. health-care system is called the:
A. Health Maintenance Organization Act B. Equal Pay Act C. Preferred Provider Organization Act D. Patient Protection and Affordable Care Act