On january 1, year 1, burnham company purchased a machine for $2,580,000; however, the cost of the machine was recorded as repairs expense. the machine's useful life was expected to be 12 years with no residual value. burnham uses straight-line depreciation. what is the amount of the credit to retained earnings in the journal entry to correct the error if the error is discovered during year 4 (after 3 years)? ignore income tax.

If you offer up your car as a demonstration that you will pay off your loan to a bank or another financial lending institution, you are using your car as collateral. true false

Lipman auto parts, a family-owned auto parts store, began january with $10,300.00 in cash. management forecasts that collections from credit customers will be $11,400.00 in january and $14,800.00 in february. the store is scheduled to receive $5,000.00 in cash on a business note receivable in january. projected cash payments include inventory purchases ($13,000.00 in january and $13,600.00 in february) and operating expenses ($2,700.00 each month). lipman auto parts' bank requires a $10,000.00 minimum balance in the store's checking account. at the end of any month when the account balance dips below $10,000.00, the bank automatically extends credit to the store in multiples of $1,000.00. lipman auto parts borrows as little as possible and pays back loans in quarterly installments of $2,000.00, plus 4 percent interest on the entire unpaid principal. the first payment occurs three months after the loan.

Gross output (go) reflects the overall status of the productive side of the economy better than gdp does. a. true b. false