When a partner invests noncash assets in a partnership, the assets are recorded at the partner's book value
Indicate whether the statement is true or false
False
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Which of the following is NOT a predicted direction for marketing in the coming years?
A) the demise of precision marketing and rise of mass marketing B) the demise of the marketing department and the rise of holistic marketing C) the demise of marketing intuition and the rise of marketing science D) the demise of manual marketing and the rise of both automated and creative marketing E) the demise of free-spending marketing and the rise of ROI marketing
Hardigree Corporation uses a job-order costing system. Beginning balance in Work in Process$36,000(1)Raw materials purchased on account$207,000(2)Direct materials requisitioned for use in production$161,000(3)Indirect materials requisitioned for use in production$42,000(4)Direct labor wages incurred$87,000(5)Indirect labor wages incurred$101,000(6)Depreciation recorded on factory equipment$42,000(7)Additional manufacturing overhead costs incurred$57,000(8)Manufacturing overhead costs applied to jobs$219,000(9)Cost of jobs completed and transferred from Work inProcess to Finished Goods$403,000 The total amount of manufacturing overhead actually incurred was:
A. $219,000 B. $284,000 C. $242,000 D. $200,000
The general ledger account for Accounts Receivable shows a debit balance of $50,000. Allowance for Uncollectible Accounts has a credit balance of $3,000. Net sales for the year were $500,000. In the past, 3 percent of sales have proved uncollectible, and an aging of accounts receivable resulted in an estimate of $20,000 of uncollectible accounts receivable. Using the percentage of net sales
method, the entry to record the Uncollectible Accounts Expense would be: A) Uncollectible Accounts Expense 12,000 Allowance for Uncollectible Accounts 12,000 B) Uncollectible Accounts Expense 15,000 Allowance for Uncollectible Accounts 15,000 C) Allowance for Uncollectible Accounts 18,000 Uncollectible Accounts Expense 18,000 D) Allowance for Uncollectible Accounts 20,000 Uncollectible Accounts Expense 20,000
On January 1, Year 1, O'Keefe Co. issued bonds with a face value of $400,000 and a stated interest rate of 10%. The bonds have a life of ten years and were sold at 108. O'Keefe uses the straight-line method to amortize bond discounts and premiums. On December 31, Year 4, O'Keefe called the bonds at 106. Indicate whether each of the following statements is true or false.________ a) The interest expense for Year 1 was $40,000.________ b) The balance in the bonds payable account was $400,000 on December 31, Year 1.________ c) The carrying value of bonds payable was $419,200 on December 31, Year 4.________ d) When O'Keefe repurchased the bonds, total assets decreased by $419,200.________ e) When O'Keefe repurchased the bonds, it had to recognize a loss in the amount of $4,800.
What will be an ideal response?