Jason owns a warehouse that is used in business. The FMV of the warehouse is $200,000 (basis $120,000), and the warehouse is subject to a mortgage of $40,000. Jason exchanges the warehouse for land valued at $150,000. The other party also pays him $10,000 cash and assumes the mortgage on the warehouse. Jason's basis in the land received will be
A. $200,000.
B. $180,000.
C. $150,000.
D. $120,000.
Answer: D
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Taffy Company requires customers to pay before products are shipped. On December 26, the company received $14,700 from the Goodie Company. On December 31, Taffy shipped half of the order to Goodie. What adjusting entry, if any, should Taffy make on December 31?
a. Debit Cash and credit Unearned Revenue for $14,700; b. Debit Cash and credit Revenue for $14,700; c. Debit Unearned Revenue and credit Revenue for $14,700; d. Debit Unearned Revenue and credit Revenue for $7,350; e. Taffy should wait until the entire order is shipped before making an adjustment.
Before attempting to change someone's attitudes, beliefs or actions, what must be understood?
A) Demographics B) Psychographics C) Motivation D) Desires E) Culture
Which of the following types of decision-making takes place in situations that have occurred in the past and are familiar to the people dealing with them?
A. programmed decisions B. strategy decisions C. executive decisions D. nonprogrammed decisions
Only value-adding activities are included in the cost hierarchy
Indicate whether the statement is true or false