What type of print resource provides excellent in-depth, historical data?
A) Periodicals
B) Bibliographic indexes
C) Databases
D) Books
D
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Compensation expense related to employee stock options is a tax-deductible expense for the corporation
Indicate whether the statement is true or false
Certain merchandise that a firm may acquire may be inventory or supplies. Accounting treats them differently as to the matching criteria used. Required:
a. Describe the situation where merchandise would be considered inventory. How would the firm account for the costs of the merchandise? b. Describe the situation where merchandise would be considered supplies. How would the firm account for the costs of the merchandise?
Masters, Hardy, and Rowen are dissolving their partnership. Their partnership agreement allocates income and losses equally among the partners. The current period's ending capital account balances are Masters, $15,000; Hardy, $15,000; Rowen, $(2,000). After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $28,000 in cash to be distributed. Rowen pays $2,000 to cover the deficiency in his account. The general journal entry to record the final distribution would be:
A. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Rowen, Capital $2,000; credit Cash $28,000. B. Debit Cash $28,000; debit Rowen, Capital $2,000; credit Masters, Capital $15,000; credit Hardy, Capital $15,000. C. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Cash $30,000. D. Debit Masters, Capital $14,000; debit Hardy, Capital $14,000; credit Cash $28,000. E. Debit Masters, Capital $9,334; debit Hardy, Capital $9,333; debit Rowen, Capital $9,333; credit Cash $28,000.
According to the Keown book, how does a consumer avoid predatory lending?
A) Regulation B) Legal action C) Knowledge D) Steering