On august 1, 2017, mendez corporation purchased a new machine on a deferred payment basis. a down payment of $4,000 was made and 4 annual installments of $24,000 each are to be made beginning on september 1, 2017. the cash equivalent price of the machine was $92,000. due to an employee strike, mendez could not install the machine immediately, and thus incurred $1,200 of storage costs. costs of installation (excluding the storage costs) amounted to $3,200. the amount to be capitalized as the cost of the machine is

$92,000.

$95,200.

$96,400.

$104,000.

Which of the following statements is true? a job costing system will have a separate work in process account for each of the major processes. a process costing system will have a single work in process account. a process costing system will have a separate raw materials account for each of the major processes. a process costing system will have a separate work in process account for each of the major processes.

Select the correct answer. the word intestate means that a person has died with or without a will?

Which of the following statements is correct? a major disadvantage of a partnership relative to a corporation is the fact that federal income taxes must be paid by the partners rather than by the firm itself. in a typical partnership, liability for other partners’ misdeeds is limited to the amount of a particular partner’s investment in the business. true in a limited partnership, the limited partners have voting control, while the general partner has operating control over the business, and the limited partners are individually responsible, on a pro rata basis, for the firm’s debts in the event of bankruptcy. partnerships have more difficulty attracting large amounts of capital than corporations because of such factors as unlimited liability, the need to reorganize when a partner dies, and the illiquidity of partnership interests.