On April 1, 2016, Meyers Company purchased a bulldozer. Payment, totaling $70,000, is not due until April 1, 2018. Assuming interest at a 12% annual rate, Meyers should debit Machinery on April 1, 2016, in the amount of

A) $70,000.
B) $62,500.
C) $61,600.
D) $55,804.


D

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An instrument has been signed if the maker or drawer has put a name or other symbol on it with the intention of validating it.

Answer the following statement true (T) or false (F)

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Punishment is a form of ______ power.

a. reward b. anti-reward c. soft d. coercive

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In order to estimate the average electric usage per month, a sample of 64 houses was selected and the electric usage was determined. Assume a population standard deviation of 320 kilowatt-hours. The standard error of the mean is

A. 320. B. 64. C. 400. D. 40.

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Charles, age 65, owns a paid-up $250,000 whole life policy on his own life. Charles is doing some estate planning and would not like this policy to be included in his gross estate for federal estate tax purposes

Which of the following statements is (are) true regarding the tax treatment of this policy? I. Charles can avoid having the policy proceeds included in his gross estate by naming his estate the beneficiary. II. If Charles makes an absolute assignment of the policy and dies more than three years later, the policy is not counted as part of his gross estate. A) I only B) II only C) both I and II D) neither I nor II

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