Gotham City acquires $25,000 of inventory on November 1, 20X7, having held no inventory previously. On December 31, 20X7, the end of Gotham City's fiscal year, a physical count shows $8,000 still in stock. During 20X8, $6,500 of this inventory is used, resulting in a $1,500 remaining balance of supplies on December 31, 20X8.Based on the preceding information, which of the following would be the correct account balances for 20X8 if Gotham City used the purchase method of accounting for inventories? ExpendituresInventory ofSuppliesA)$0 $8,000 B)$0 $1,500 C)$6,500 $1,500 D)$6,500 $0
A. Option A
B. Option B
C. Option C
D. Option D
Answer: B
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Which of the following statements about executive presence is INCORRECT?
A. Executive presence is about the perception (held by others) that you have a certain level of gravitas and influence. B. Sales managers and executives do not want their emerging salespeople to develop an executive presence. C. Executive presence is about the perception held by customers about you. D. Executive presence is about how others perceive you. E. Executive presence is about the perception results from your initial interaction with a group as well as your ongoing interactions.
Michelle is an active participant in the rental condominium property she owns. During the year, the property generates a ($15,000) loss; however, Michelle has sufficient tax basis and at-risk amounts to absorb the loss. If Michelle has $115,000 of salary, $10,000 of long-term capital gains, $3,000 of dividends, and no additional sources of income or deductions, how much loss can Michelle deduct?
A. $11,000. B. $15,000. C. $4,000. D. $0; losses from rental property are passive losses and can only be offset by passive income. E. None of the choices are correct.
____________________ is the ability to understand and enter into the feelings of another
Fill in the blank(s) with correct word
The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents$9819?Accounts receivable$77,422?Merchandise inventories$67,362?Prepaid expenses$5500?Accounts payable$16,350?Notes payable$93,638?Other current liabilities$10,900? If net credit sales for the current year were $604,500, the firm's days' sales uncollected for the year is: (Use 365 days a year.)
A. 158.7 days B. 46.7 days C. 40.7 days D. 78.5 days E. 68.3 days