The accounting profession has recommended that companies use the word reserve only to describe amounts deducted from assets.

On October 1, 2009, Ethan Company borrowed $20,000 on a 6-month note with an annual interest rate of 10 percent. How much interest expense should be reported on December 31, 2009?

A. $333. B. $500. C. $2,000. D. $ -0-.

In the transfer of what type of property may a flip tax be imposed?

a. condominium b. cooperative c. any fee simple interest d. on all properties sold in New York City