True or False: A sole proprietor is personally responsible for all of the businesses debts, and may be legally required to pay off those debts with personal assets.

True

False

During a company's first year, the asset account, Office Supplies, was debited for $3,900 for the purchases of supplies. At year-end, office supplies on hand were counted and determined to be $1,625.

The ability to start and grow icontact was primarily based on the existence of the internet. the internet is considered a key part of the

Problem 3-38 (LO 3-2, LO 3-3) Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $31,000 bill from her accountant for consulting services related to her small business.

Sal used a building in his business that cost $200,000. In September Year 1, Sal sold the building to Benno for $100,000 cash. Benno also agreed to assume Sal's $150,000 mortgage and pay Sal's $5,000 accrued real estate taxes.

Dalton Company uses the allowance method to account for uncollectible receivables. Dalton has determined that the Irish Company account is uncollectible. To write-off this account, Dalton should debit A.

Suppose your company sells goods for $340, of which $220 is received in cash and $120 is on account. The goods cost your company $133 and were paid for in a previous period.

On November 1, Jovel Company loaned another company $170,000 at a 12.0% interest rate. The note receivable plus interest will not be collected until March 1 of the following year. The company's annual accounting period ends on December 31.

A major challenge in designing marketing communications is being able to grab the attention of the target audience in a crowded media field. Which of the following factor (s) contribute to creating this challenge? A. Fragmentation of mass mediaB.

What advertising technique focuses on the positive and ignores any negative aspects in the product? Glittering Generalities Weasel Words Endorsements Card Stacking

The single recovery principle requires a court to settle a matter once and for all by awarding a lump sum for past and future expenses. a. True b. False