A condition in which an individual is overexcited, hyperactive and wildly optimistic is known as:

Phoenix Agency leases office space. On January 3, Phoenix incurs $88,200 to improve the leased office space. These improvements are expected to yield benefits for 9 years. Phoenix has 7 years remaining on its lease. Compute the amount of expense that should be recorded for the first year related to the improvements.

Walberg Associates, antique dealers, purchased goods for $38,100. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associate’s warehouse was $1,500. Walberg Associates insured the shipment at a cost of $210. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $550. Determine the cost of inventory.

Grays Company has inventory of 12 units at a cost of $7 each on August 1. On August 3, it purchased 22 units at $10 each. 14 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 14 units that were sold?

A company purchased a tract of land for its natural resources at a cost of $1,628,500. It expects to mine 2,050,000 tons of ore from this land. The salvage value of the land is expected to be $255,000. The depletion expense per ton of ore is:

At the end of the day, the cash register’s record shows $1,282, but the count of the cash register is $1,261. The correct entry to record the cash sales is

A company sold equipment that originally cost $180,000 for $144,000 cash. The accumulated depreciation on the equipment was $36,000. The company should recognize a:

A machine costing $211,800 with a four-year life and an estimated $19,000 salvage value is installed in Luther Company’s factory on January 1. The factory manager estimates the machine will produce 482,000 units of product during its life. It actually produces the following units: 121,500 in Year 1, 123,200 in Year 2, 120,880 in Year 3, 126,500 in Year 4. The total number of units produced by the end of Year 4 exceeds the original estimate – this difference was not predicted. (The machine cannot be depreciated below its estimated salvage value.) The depreciation expense for Year 1 for the machine under the straight-line method is

Identify the internal control principle that violated in each of the following separate situations.

When selecting drug therapy for a patient with mild persistent asthma, you recommend the most up to date regimen which includes: