If Grove City Corp continues to use the ship in its eleventh year, what is the correct accounting procedure?
a. Take the asset off the books and record a gain on the disposal
b. Continue to depreciate it
c. The company may not use it any longer
d. No longer depreciate it but leave it on the records at its book value at the end of its useful life
d
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Through the competitive budget method, the ad budget is set to match the percentage of sales budget of an important competitor
Indicate whether the statement is true or false
The supplies account has a balance of $1,000 on January 1. During January, the company purchased $25,000 of supplies on account and the liability was appropriately recorded. A count of supplies at the end of January indicates a balance of $3,000. Which one of the following is a correct amount to be reported on the company's financial statements for the month ending January 31?
A) Supplies expense - $23,000 B) Supplies on hand - $1,000 C) Accounts payable - $28,000 D) Supplies expense - $26,000
An annual sales report covering the Medical Instruments Division, Computer Supplies Division, and Consumer Products Division should be organized by component
Indicate whether the statement is true or false
Which of the following statements about the prepared sales presentation is FALSE?
A. It makes sense for experienced salespeople to use it. B. It is not considered a good approach for complicated selling situations. C. The salesperson does most of the talking. D. It may contain several attempts to close a sale. E. It is not adapted to an individual customer's needs.