Galaxy Corporation purchases specialty software from a software development firm for use in its business as of January 1 of the current year at a cost of $90,000. No hardware was acquired. How much of the cost can Galaxy deduct this year?
A) $18,000
B) $15,000
C) $30,000
D) $90,000
C) $30,000
Purchased software that is not (1) acquired in connection with hardware or (2) is not a Sec. 197 intangible is amortized over 36 months. $90,000 × 12/36 = $30,000.
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Which of the following statements regarding contingencies is true?
a. Contingencies that are probable and not estimable appear on the balance sheet. b. Contingencies that are probable and not estimable are disclosed in the notes to the financial statements. c. Contingencies that are remote but estimable are disclosed in the notes to the financial statements. d. Contingent assets are recorded on the balance sheet, but not in the notes to the financial statements.
The manager of Mack's Bar sent Olive Outlet an order for 200 cases of olives to be shipped "as soon as possible." The day Olive Outlet receives Mack's order, it ships the olives. Later that day, Mack's manager phones Olive Outlet and tries to revoke his offer. Under these circumstances:
A. Mack's Bar can revoke based on principles of promissory estoppel. B. Mack's Bar can revoke because the acceptance had not been received. C. Mack's Bar cannot revoke because a contract was created when Outlet shipped the olives. D. Mack's Bar cannot revoke, since the olives will spoil if they are shipped back.
A receivable occurs when a business ________.
A) loans money to another party B) sells goods or services to another party on account C) has a monetary claim against a business or individual D) All of the statements are correct.
Which of the following allows the user to define a query with greater precision by using operators such as AND, OR or NOT?
A) Forms-based searches B) Hashtags C) Natural language searches D) Boolean searches E) Keyword searches