QUESTION 5 Which of the following is true of goodwill? it may be amortized even...
60.1K
Verified Solution
Link Copied!
Question
Accounting
QUESTION 5 Which of the following is true of goodwill? it may be amortized even if it has an indefinite life. it may be recorded as an asset even if internally generated, but only if the business has been in operation for ten years or more. o it should be classified as property, plant, and equipment. it may be recorded as an asset only when there is an exchange transaction involving the purchase of an entire business. QUESTION 6 On January 1, 2024, Entity D issued $300,000 of 3%, 5-year bonds at 101. The bonds pay interest annually on December 31 and Entity D amortizes any premium or discount using the straight-line method. These bonds were issued at O a discount of $3,000. O at paid-in value. O at par for $300,000. a premium of $3,000. QUESTION 7 Entity E does not account for sales taxes separately when making sales. The sales tax rate is 8%. If the total amount collected was $140,400, how much was the sales tax? $131,000. O $11.232. $10,400. Cannot be determined
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
