Unearned revenue is classified as a(an) ________ on a business's balance sheet.
What will be an ideal response?
liability
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Refer to Exhibit 11.1. By investing in U.K. treasury bills rather than U.S. treasury bills, and NOT covering exchange rate risk, U.S. investors earn an extra return of
Exhibit 11.1 Assume the following: (1) the interest rate on six-month treasury bills is 8 percent per annum in the United Kingdom and 4 percent per annum in the United States; (2) today's spot price of the pound is $1.50, while the six-month forward price of the pound is $1.485. a. 4 percent per year or 1 percent for the 6 months. b. 4 percent per year or 2 percent for the 6 months. c. 2 percent per year or 0.5 percent for the 6 months. d. 2 percent per year or 1 percent for the 6 months.
Mr. and Mrs. Eyre own residential rental property that they would like to dispose of in a nontaxable exchange. Which of the following would not qualify as like-kind property?
A. Undeveloped land B. Warehouse used to store transportation equipment C. Commercial office building D. All of the above qualify as like-kind property.
Madison Corporation purchased 40% of Jay Corporation for $125,000 on January 1. On June 20 of the same year, Jay Corporation declared total cash dividends of $30,000. At year-end, Jay Corporation reported net income of $150,000. The balance in Madison's Equity Method Investments-Jay Corporation account as of December 31 should be:
A. $370,000. B. $173,000. C. $77,000. D. $197,000. E. $125,000.
Trade mark protection is most similar to which of the following torts?
A) Malicious prosecution B) Injurious falsehood C) Defamation of product D) Passing off E) Conversion