William Baxter argued that:
A. all resources can be replaced by substitutes.
B. there is a legal solution for every economic problem.
C. there is an optimal level of pollution that can be achieved through competitive markets.
D. the natural world is still valued as a resource, providing humans with both direct benefits and indirect benefits.
Answer: C
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Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000 . They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann‘s share of the income be if the income for the year is $30,000?
a. $20,000 b. $18,000 c. $18,600 d. $17,400
A demanding customer may feel a need to be or stay in control, especially if he or she has felt out of control in the past.
Answer the following statement true (T) or false (F)
Which method assigns the cost of the most recent items purchased to ending inventory?
a. LIFO b. FIFO c. Specific identification d. Weighted average cost
Which item would most likely be disclosed separately on the income statement?
a. Allowance for bad debts b. Unearned revenue c. Prepaid expenses d. Cost of goods sold