Gator Corp. (Scenario)Gator Corp. has recently been accused of corporate espionage by a competitor, Alli Inc. Gator Corporation's CEO responded to this allegation by stating that the firm's actions were merely part of its competitor intelligence efforts. Alli Inc.'s CEO, however, believes otherwise.Which of the following statements, if true, would most weaken Gator Corp.'s argument?
A. Gator Corp. has been found guilty of violating intellectual property laws in the past.
B. Gator Corp. has access to information belonging to Alli Inc., which is outside the public domain.
C. Media reports suggest that Gator Corp. is in the process of developing a product comparable to Alli Inc.'s most popular offering.
D. Alli Inc., has made similar allegations against other competitors in the past.
Answer: B
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Use this information pertaining to Tucson Company to answer the following question. 1. The corporation's Supplies account showed a beginning debit balance of $400 and supplies purchased of $1,600. There were $600 of supplies on hand at year end. 2.Depreciation on a building is estimated to be $10,000. 3.A one-year insurance policy was purchased for $4,800. Five months have passed since the
purchase. 4.Accrued interest on a note receivable amounted to $200. 5.The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-third of the services had been performed. The adjusting entry for the insurance policy is A) Prepaid Insurance 2,800Insurance Expense 2,800 B) Insurance Expense 2,800Prepaid Insurance 2,800 C) Prepaid Insurance 2,000Insurance Expense 2,000 D) Insurance Expense 2,000Prepaid Insurance 2,000
An asset created by prepayment of an insurance premium is:
A. Recorded as a credit to Unearned Revenue. B. Not recorded in the accounting records until the insurance period expires. C. Recorded as a debit to Prepaid Insurance. D. Recorded as a credit to Prepaid Insurance. E. Recorded as a debit to Unearned Revenue.
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What will be an ideal response?
The 2010 Affordable Care Act requires
A) government assistance to be given when long-term care is needed for those under the age of 65. B) employers, except small businesses, to provide health insurance for employees or pay a fee. C) employers to subsidize child care services for employees if such services are not provided on-site. D) employers to pay for outpatient drug and alcohol counseling for affected employees. E) employers, except small businesses, to provide financial support to retirees.