The following are selected transactions of blanco company. blanco prepares financial statements quarterly.

jan.2 purchased merchandise on account from nunez company, $25,000, terms 3/10, n/30. (blanco uses the perpetual inventory system.)
feb.1 issued a 9%, 2-month, $25,000 note to nunez in payment of account.
mar.31 accrued interest for 2 months on nunez note.
apr.1 paid face value and interest on nunez note.
july 1 purchased equipment from marson equipment paying $11,000 in cash and signing a 10%, 3-month, $62,400 note.
sept.30 accrued interest for 3 months on marson note.
oct.1 paid face value and interest on marson note.
dec.1 borrowed $31,200 from the paola bank by issuing a 3-month, 8% note with a face value of $31,200.
dec.31 recognized interest expense for 1 month on paola bank note.
-prepare journal entries for the listed transactions and events.

If the findings and the results are not presented properly, the research completed was a waste of time and money. true false

Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.

Choose the statement that is incorrect. a. search activity occurs only in markets where there is a shortage. b. when a price is regulated and there is a shortage, search activity increases. c. the time spent looking for someone with whom to do business is called search activity. d. the opportunity cost of a good is equal to its price plus the value of the search time spent finding the good.