Horton Stores exchanged land and cash of $5,100 for similar land. The book value and the fair value of the land were $88,800 and $100,300, respectively. Assuming that the exchange lacks commercial substance, Horton would record land-new and a gain/(loss) of: Land Gain/(loss) a. $ 105,400 $ 0 b. $ 105,400 $ 11,500 c. $ 93,900 $ 0 d. $ 93,900 $ 11,500

The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. accounts receivable $ 435,000 debit allowance for doubtful accounts 1,250 debit net sales 2,100,000 credit all sales are made on credit. based on past experience, the company estimates 1.0% of credit sales to be uncollectible. what adjusting entry should the company make at the end of the current year to record its estimated bad debts expense

Corporations with suppliers, vendors, and customers all over the globe are referred to as : a) global corporations b) international corporations c) multinational corporations d) multicultural corporations

You are the manager of the packaging department in a cookie factory. (obviously, the packaging employees cannot eat the cookies that are transferred in during the period.) after your employees insert cookies into colorful packages (step 1) for display on store shelves, the packages of cookies are then boxed using cardboard cartons (step 2) for shipment to stores. each unit of product is represented by a carton of packaged cookies. the packaging department began the period with 1,000 units of cookies. during the period, 5,000 units of cookies were transferred in from the baking department and 5,500 units of cookies were transferred out to the finished goods department. the number of units of cookies in the ending inventory of the packaging department equals: