Assume that Joel signs a promissory note to Andrew, who in turn negotiates the instrument to Luke. Of the three, Joel is the only person who has primary liability
a. True
b. False
Indicate whether the statement is true or false
True
Business
You might also like to view...
A _____ standardizes items on the income statement and balance sheet as a percentage of total sales and total assets, respectively.
A. tax reconciliation statement B. statement of standardization C. statement of cash flows D. common-base year statement E. common-size statement
Business
An asset was purchased for $31,000 on January 1, 2016
The asset's estimated useful life was five years, and its residual value was $8,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $21,000 on December 31, 2016, the last day of the accounting period. A) $2,700 gain B) 5,400 loss C) 5,400 gain D) no gain or no loss
Business