When evaluating the six-step decision making process, what occurs during the solution test step?
A. The process will begin again if the decisions made were incorrect
B. Definition of the problem as clearly and precisely as possible
C. Details of every solution possible including ideas that seem far fetched
D. None of the above
Answer: D. None of the above
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Under the equity method, the investor ________
A) must debit the Long-term Investments account when a dividend is received B) must record its share of the investee's net income C) must use the LIFO method for tax purposes D) debits the Revenue from Investments when the investee reports income
McBride Industries completed the following transactions during 2016
Oct. 1 Made sales of $10,000. McBride estimates that warranty expense is 5% of sales. (Record only the warranty expense.) Oct. 24 Paid $250 to satisfy warranty claims. Dec. 31 Estimated vacation benefits expense to be $2,350. Dec. 31 McBride expected to pay its employees a 4% bonus on net income after deducting the bonus. Net income for the year is $25,000. Journalize the transactions (explanations are not required). Round to the nearest dollar. What will be an ideal response