Indicate whether each account below has a normal debit or a normal credit balance
a. Cash g. Interest Receivable
b. Wages Payable h. Store Equipment
c. Wages Expense i. Legal Fees Earned
d. Unearned Fees j. Common Stock
e. Prepaid Insurance k. Depreciation Expense, Buildings
f. Notes Payable
a. Debit g. Debit
b. Credit h. Debit
c. Debit i. Credit
d. Credit j. Credit
e. Debit k. Debit
f. Credit
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A disadvantage of a customer sales organization is
A. the need to assign just one salesperson to local, regional, national, and global territories. B. an increased need for multilingual salespeople. C. the need for close teamwork amongst a diverse salesforce. D. the smaller number of qualified sales managers. E. higher administrative costs and some duplication of selling effort.
For each of the following situations, determine whether the item is deductible, how it would be deducted on the taxpayer's return (if there are alternatives possible, discuss the conditions that would determine the treatment), and any limitations that might be placed on the deduction. a.Allison is self-employed. She pays the following taxes during the current year: State income tax$1,200 Federal income tax4,000 Self-employment tax3,200 Property tax on residence700 Tax on business equipment200 b.A customer who owed Leon $5,000 declared bankruptcy last year. At that time, the customer's accountant estimated that only 40% of the customer's debts would be paid. In the current year, Leon receives $1,000 from the bankruptcy court as final payment on the $5,000 debt.
What will be an ideal response?
Carson Company has an inventory turnover of 13.25, and its inventory amounts to $3,600,000. What is the amount of cost of goods sold?
A. $27,169,811.3 B. $54,000 C. $271,698.113 D. $47,700,000
ABC Hospital completed its first transplant, and the procedure took 50 hr. The hospital has five more transplants scheduled. Based on other similar procedures carried out, the hospital estimates that it has an 85% learning rate. Estimate the time it will take to complete the third transplant.
A. 34.5 hr B. 36 hr C. 38.67 hr D. 40 hr