Which of the following is not a required inventory disclosure under GAAP?
a) significant or unusual inventory financing arrangements
b) the composition of the inventory
c) the inventory costing methods employed
d) all of the above are required disclosures
Answer: d) all of the above are required disclosures
Business
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On January 1, Springfield Corp, accepted a one-year note for $5,000 at 4% from one of its customers
When the note matured on December 31, the customer was unable to pay, and the company treated it as a dishonored note. Prepare the journal entry that Springfield will make to record the dishonored note. What will be an ideal response
Business
All of the following are limitations on ownership of property, except:
a. zoning b. police powers c. building codes d. seisin
Business