Modern companies tend to deal with many different suppliers in order to avoid problems that can arise when one supplier is unable to provide needed parts or materials.

a. True

b. False

Barber Corporation purchased all the assets of TECO Corporation for $1,820,000. An appraisal yielded the following: the building had a fair market value of $1,200,000; equipment a value of $1,000,000; and office equipment a value of $400,000.

The fundamental economic problem faced by a society is that productive resources are so varied and versatile that it is hard to decide what to do with them.

4. Some examples of plant assets are (A) prepaid insurance, computers, and equipment. (B) supplies, furniture, and cash. (C) delivery equipment, supplies, and computers. (D) none of these.

The direct write-off method is used when: Multiple Choice Uncollectible accounts are not anticipated or are immaterial. A company elects to use this method as one of several alternatives. A company has greater cash outflows than cash inflows.

Brent House had a mortgage loan in the amount of $87,750. He financed his house for 30 years and had a monthly payment of $725. At the end of 30 years, what will be the total amount of interest paid on the house? a. $163,500 b. $173,250 c.

In one to three sentences, describe reliable financial information.

When using statistics to support a speech, it is best to do all of the following except: a. use statistics to quantify ideas. b. use statistics to explain. c. present statistics with charts or graphs so it is easier for listeners to grasp d.

While waiting in line to buy two tacos at 75 cents each, and a medium drink for 80 cents, Emma notices that the restaurant has a value meal containing three tacos and a medium drink all for $2.50.

A not-for-profit nursing home has total expense of $20 million. Sales tax in the state is 7%. Expenses are broken down into salaries ($12 million), supplies ($6 million), and other miscellaneous not subject to tax ($2 million).

The year-end financial statements of Greenway Company contained the following elements and corresponding amounts: Assets = $23,000; Liabilities = ?