With in-memory computing, a computer's primary memory (RAM) is used for processing
Indicate whether the statement is true or false
TRUE
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The Craig-Doran Partnership owns inventory that was purchased for $85,000, has a current replacement cost of $54,500, and is priced to sell for $98,000 . At what amount should the inventory be recorded in the accounts of the new partnership if Alexis is to be admitted?
a. $98,000 b. $54,500 c. $85,000 d. $79,167
Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three categories of office expenses are allocated to the two departments using different allocation bases. The following information is available for the current period: Office ExpensesTotal Allocation BasisSalaries$30,000 Number of employeesDepreciation 20,000 Cost of goods soldAdvertising 40,000 Net sales ItemDrilling Grinding TotalNumber of employees 1,000 1,500 2,500 Net sales$325,000 $475,000 $800,000 Cost of goods sold$75,000 $125,000 $200,000 The amount of salaries that should be allocated to Drilling for the current period is:
A. $10,000. B. $12,000. C. $15,000. D. $18,000. E. $30,000.
Which of the following is the main advantage of radio as an advertising medium?
A) low competition B) more attention than television C) longer duration of ad exposure D) flexibility E) standardized rate structures
A purchase on credit is recorded twice and not corrected during the year-end physical inventory. Which of the following statements correctly describes the impact of this error?
A) The current year income on the income statement is correct because purchases are overstated and ending inventory is overstated. B) The current year balance sheet ending inventory and accounts payable are understated. C) The succeeding year income on the income statement is incorrect because beginning inventory is understated. D) The succeeding year purchases are understated when the prior year purchases are corrected.