XYZ Company purchased $1200 of office supplies during its first year of business and charged the Supplies (asset)account. If a year-end count shows that $340 of supplies remain, what is the appropriate adjusting entry? Debit Supplies 5860: Credit Supplies Expense 5860 Debit Supplies Expense $340: Credit Cash $340 Debit Supplies Expense $860: Credit Supplies 5860 O Debit Supplies Expense $340: Credit Supplies $340 Which of the following statements characterizes defined benefit pension plans? They are simple in construction and implementation and raise few accounting issues for employers. Retirement benefits are based on the plan's benefit formula The investment risk is borne by the employee. Retirement benefits are based on how well pension fund assets have been managed by a trustee. The employer's obligation is satisfied by making the appropriate amount of periodic contribution. What percent of your upper division business courses (your 3000 and 4000 level business courses) did you complete online? Please select the category below that you feel best represents a reasonable approximation for you. 0% online 25% online 50% online 75% online 100% online John Smith works for MNO Company. He is paid a salary, plus the company provides a pension plan. John works during 2006 and earns $12.000 of pension benefits that will be paid after he retires in 2015. Should MNO Company record pension expense in 2006, or wait until John Smith is paid after he retires in 2015? Record the pension expense in 2006. Record the pension expense in 2015 when John Smith is paid after he retires. Depreciation of noncurrent operating assets is an accounting process for the purpose of Oreporting declining asset values on the balance sheet. allocating asset costs over the periods benefitted by use of the assets. accounting for costs to reflect the change in general price levels. setting aside monetary funds to replace assets when their economic usefulness expires. Katie sells her personal use automobile for $12,000. She purchased the car three years ago for $25,000. What is Katie's recognized gain or loss that should be reported on her income tax retum. O $0 O $12,000 gain O $13,000 loss O $25,000 loss If a taxpayer chooses to take their case to court and does NOT pay a tax deficiency assessed by the IRS first, then, the taxpayer must first peition in which court? OU.S. Circuit Court of Appeals OU.S. District Court OU.S. Tax Court OU.s. Court of Federal Claims