Rebel Technology maintains its records using cash-basis accounting. During the year, the company received cash from customers, $32,000, and paid cash for salaries, $20,400. At the beginning of the year, customers owe Rebel $1,000. By the end of the year, customers owe $4,400. At the beginning of the year, Rebel owes salaries of $3,400. At the end of the year, Rebel owes salaries of $2,200. Required:
Determine cash-basis net income and accrual-basis net income for the year.

The distinction between a normal and an inferior good is

Arestaurant that creates a new type of sandwich is using (blank) as a method of competition.

Which of the following statements is correct? stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. potential conflicts between stockholders and bondholders are increased if a firm's bonds are convertible into its common stock. takeovers are most likely to be attempted if the target firm’s stock price is above its intrinsic value. one advantage of operating a business as a corporation is that stockholders can deduct their pro rata share of the taxes the firm pays, thereby eliminating the double taxation investors would face in a partnership.