If a store has areas for men's apparel, women's apparel, housewares, cosmetics, and jewelry and competes mostly on the basis of service, it is most likely a(n)
A. niche retailer.
B. department store.
C. specialty retailer.
D. superstore.
E. category killer.
Answer: B
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For the year ending June 30, 2010, Island Clinical Services mistakenly omitted adjusting entries for $1,200 of supplies that were used, (2 ) unearned revenue of $6,000 that was earned, and (3 ) insurance of $5,000 that expired. What is the combined effect of these errors on (a) revenues, (b) expenses, and (c) net income for the year ended June 30, 2010?
Flynn, an accountant, helps Grange Supply Company prepare and file a false federal corporate income tax return. Under the Internal Revenue Code, this is
A. a felony punishable by a fine and imprisonment. B. a felony punishable only by a fine. C. a misdemeanor punishable only by a fine. D. a civil violation subject to a liability suit but not a crime.
Your sister turned 35 today, and she is planning to save $60,000 per year for retirement, with the first deposit to be made one year from today. She will invest in a mutual fund that's expected to provide a return of 7.5% per year. She plans to retire 30 years from today, when she turns 65, and she expects to live for 25 years after retirement, to age 90. Under these assumptions, how much can she spend each year after she retires? Her first withdrawal will be made at the end of her first retirement year.
A. $495,339.99 B. $601,086.73 C. $567,693.03 D. $556,561.79 E. $539,864.94