Duress is a situation in which one party threatens to do a wrongful act unless the other party enters into a contract
Indicate whether the statement is true or false
TRUE
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Use the information presented below for Chambersburg Corp for 2017 and 2016 to answer the questions that follow. Chambersburg uses the straight-line depreciation method. 2017 2016 Property, plant, and equipment $ 250,000 $190,000 Accumulated depreciation 100,000 85,000 Depreciation expense 62,500 47,500 Net sales 1,000,000 900,000 Average Total assets 625,000 475,000 Refer to the information for
Chambersburg Corp Using the 2017 data, what is the average age of Chambersburg's property, plant, and equipment? a. 1.60 years b. 2.50 years c. 4.00 years d. 10.00 years
A firm classifies liabilities which fall due within the operating cycle, usually one year, as
a. a current liability. b. a long-term liability. c. a noncurrent asset. d. part of shareholders' equity. e. a contingent liability.
Frequently purchased, relatively low-cost products for which customers have little interest in seeking new information and rely heavily on prior purchase behavior are called ________ goods.
A. specialty B. convenience C. shopping D. unsought E. consenting
A patent was purchased from a competitor for $50,000 cash on January 1 of this year. The patent has 10 years remaining in its legal life and will have value to the company for 4 years. The amortization entry for the year will require a credit to the Patent account for:
a. $12,500 b. $10,000 c. $5,000 d. $2,941 e. $1,250