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__________ cannot always be met by one person, so being in a group enables one to complete tasks or fulfill a specific goal.

A __________ has specific geographic territories and borders within which communication and transportation make it possible for people in a larger geographic area to share a common language and culture.

When treasury stock is purchased for more than the par value of the stock and the cost method is used to account for treasury stock, what account(s) should be debited?

Denson Machinery Company begins production of a new machine in July 2020 and sells 100 of these machines for $5,000 cash by year-end for a total sales revenue of $500,000 (100 × $5,000). Each machine is under warranty for one year. Denson estimates, based on past experience with similar machines, that the warranty cost will average $200 per unit for a total expected warranty expense of $20,000 (100 × $200). Further, as a result of parts replacements and services performed in compliance with machinery warranties, it incurs $4,000 in warranty costs in 2020 and the remainder in 2021. Which of the following journal entries is appropriate for recording the accrual at December 31, 2020?  

Chapter 13

When common stock is sold by a corporation, a journal entry is prepared which includes a debit to cash and a credit to the common stock account. If the debit to cash is greater than the credit to the common stock account then it can be assumed that: 

On June 1 of the current year, Cross Corp. issued $300,000 of 6% bonds payable at par with interest payment dates of April 1 and October 1. In its income statement for the current year ended December 31, what amount of interest expense should Cross report?

The currently maturing portion of long-term debt should be classified as a current liability if: 

You purchase an automobile from Hamlin Auto for $30,000 on January 2, 2020. Hamlin estimates the assurance-type warranty costs on the automobile to be $700 (Hamlin will pay for repairs for the first 36,000 miles or three years, whichever comes first). You also purchase for $900 a service-type warranty for an additional three years or 36,000 miles. Hamlin incurs warranty costs related to the assurance-type warranty of $500 in 2020, and $100 in each of 2021 and 2022. Hamlin records revenue on the service-type warranty on a straight-line basis. What journal entry(ies) should Hamlin make to record the sale and the automobile and the related warranties on January 2, 2020?  

Edmonds Company has bonds with a carrying value of $310,000 as of December 31, 2020, and Edmonds has chosen the fair value option for these bonds. At December 31, 2020, the value of the bonds is now $280,000 because its credit rating dropped from AA to BB.