When Emerson said "Matter pays her debt," he was referring to the redemption felt by Susan Matter when she was finally able to pay off her debt
a. True b. False
b
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An asset's book value is $18,200 on December 31, Year 5. The asset has been depreciated at an annual rate of $3200 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $15,200, the company should record:
A. Neither a gain nor a loss is recognized on this type of transaction. B. A loss on sale of $3,000. C. A gain on sale of $1800. D. A gain on sale of $3,000. E. A loss on sale of $1800.
The Jack Company began its operations on January 1, 2016, and used the LIFO method of accounting for its inventory. On January 1, 2018, Jack Company adopted FIFO in accounting for its inventory. The following information is available regarding cost of goods sold for each method: ? LIFO Cost of FIFO Cost of Year Goods Sold Goods Sold 2016 $470,000 $350,000 2017 690,000 450,000 2018 700,000 540,000 Assuming a tax rate of 35% and the same accounting change adopted for tax purposes, how would the effect of the accounting change be reported in opening retained earnings on the 2018 financial statements?
A. +$360,000 restatement B. +$234,000 restatement C. -$700,000 restatement D. no restatement
In a single-period system, if too much is ordered but not sold, the company may have to ______.
A. sell the excess at a discounted price B. open new distribution centers C. identify new markets D. give it away to its employees
What was the major issue uncovered in the Colorado MMS audit?
a. Embezzlement b. Inflated travel expenses c. Conflicts of interest d. A waiver of the ethics policy