Ally is a shareholder of Bank of Trade Inc As a shareholder, Ally does not have inspection rights.
A) a right to compensation
B) dividend rights.
C) inspection rights.
D) preemptive rights.
A
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Exhibit 8-3 The J. Love Company uses a periodic inventory accounting system and values its inventory by using the lower of cost or market rule. The allowance method is used in applying the lower of cost or market rule. The company adjusts and closes its books annually on December 31. Below are the cost and market values of the company's year-end inventories for a three-year period: Date Cost
Market December 31, 2016 $70,000 $70,000 December 31, 2017 56,000 46,000 December 31, 2018 64,000 58,000 ? ? Refer to Exhibit 8-3. Which of the following journal entries would be correct as of December 31, 2018, to apply the lower of cost or market rule? A) Inventory 58,000Income Summary 58,000 B) Loss Due to Market Valuation 6,000Allowance to Reduce Inventoryto Market 6,000 C) Allowance to Reduce Inventory to Market 4,000Loss Recovery Due to Market Valuation 4,000 D) Cost of Goods Sold 6,000Allowance to Reduce Inventoryto Market 6,000
Depreciation expense is recorded for a specific period of time
Indicate whether the statement is true or false
Which of the following is NOT true about the title Page?
A) The title should be as informative as possible. B) The title should be centered and in all caps. C) Items other than the title should be centered and in all caps. D) It should be counted as Page i but no number should be shown on the page. E) Individuals' designations or titles should be shown if appropriate.
During May, Photo Mart sold 150 instant cameras for $100 each. Each camera had cost Photo Mart $69 to purchase and carried a one-year warranty. If 4 percent typically need to be replaced over the warranty period and two actually are replaced during May, the entry to record the Product Warranty Expense for the month is:
a. Product Warranty Expense 138 Estimated Product Warranty Liability 138 b. Product Warranty Expense 276 Cash 276 c. Product Warranty Expense 552 Cash 552 d. Product Warranty Expense 414 Estimated Product Warranty Liability 414