Under the Uniform Gifts to Minors Act, gifts made to minors are within the sole control of the
minor.
Indicate whether the statement is true or false
FALSE
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An asset that cost $24,000 and has accumulated depreciation of $18,000 is sold for $5,200. The entry to record the sale includes
A) no gain or loss. B) a debit to Loss on Sale of Asset for 800. C) a credit to Loss on Sale of Asset for 18,800. D) a credit to Gain on Sale of Asset for 800.
A company had sales of $12,000,000 for the year. Receivables at the end of the year were $1,100,000, which represented an increase of $200,000 over the receivables at the beginning of the year. What was the accounts receivable turnover?
a. 12.0 b. 10.0 c. 10.9 d. 13.3
The balance of the Prepaid Insurance account at the beginning of the year totaled $425 . During the year policies were purchased at a total cost of $1,150 . If the unexpired balance of the policies at the end of the year totals $800, what amount will be charged to the Insurance Expense account?
a. $775 b. $1,575 c. $425 d. $675 e. None of the above
Last year Swensen Corp. had sales of $303,225, operating costs of $267,500, and year-end assets of $195,000. The debt-to-total-assets ratio was 27%, the interest rate on the debt was 8.2%, and the firm's tax rate was 25%. The new CFO wants to see how the ROE would have been affected if the firm had used a 45% debt ratio. Assume that sales and total assets would not be affected, and that the interest rate and tax rate would both remain constant. By how much would the ROE change in response to the change in the capital structure?
A. 2.48% B. 2.76% C. 3.06% D. 3.40% E. 3.74%