Invitations to negotiate or to make an offer are known as:
a. manifestations of intent b. offers of intent
c. early negotiations
d. preliminary negotiations e. beginning negotiations
d
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Cuisine Company received a 6-month, 6% note for $10,000 from its president on October 1, 2016 . The note is due on March 31, 2017 . If Cuisine's accounting period ends on December 31, how much interest revenue should Cuisine recognize during 2016 and 2017? 2016 2017
a. $450 $150 b. $600 $ 0 c. $300 $300 d. $150 $150
Tyson is a 25 percent partner in the KT Partnership. On January 1, KT makes a proportionate distribution of $16,000 cash, inventory with a $16,000 fair value (inside basis $8,000), and land with a fair value of $8,000 (inside basis of $12,000) to Tyson. KT has no liabilities at the date of the distribution. Tyson's basis in his KT Partnership interest is $24,000. What is Tyson's basis in the distributed inventory and land?
A. $0 inventory, $8,000 land. B. $16,000 inventory, $8,000 land. C. $8,000 inventory, $0 land. D. $8,000 inventory, $12,000 land.
Which of the following examples is NOT a billing scheme?
a. Mary purchases a new laptop for her brother-in-law with company's funds. b. Mark submits a receipt of his cab fare for reimbursement, which includes an extra $10. c. Joven double pays a vendor for the purchase of inventory and then pockets the second payment when it is returned. d. Harry submits invoices in the name of the dummy company and collects the amount.
The salesperson was selling the couple a garden tub with water jets for their new bathroom. He said, "You'll be the envy of all your friends with this great tub. It will be the pièce de résistance in your new bath." When his first close failed, he asked, "Will you want to use clear or white caulk to install your new tub?" What type of close did the salesperson use the second time?
A. T-account B. Double-yes C. Minor-points D. Assumptive E. Forestalling