During its first year of operations, Puffin, Inc. reported Sales Revenue of $387,600 but collected only $305,000 from customers. At the end of the year, Accounts Receivable equals:
A. $387,600.
B. $692,600.
C. $305,000.
D. $82,600.
Answer: D
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In order to manipulate the money supply, the Fed can change the interest rate that it pays on reserves in comparison to the ____ rate.
A. federal funds B. prime C. 30-year fixed mortgage D. credit card interest
When using the cost-to-retail ratio for the retail inventory method,
A) neither net markups nor markdowns are included in the computation of ending inventory for FIFO inventory. B) net markups but not net markdowns are included in the computation of ending inventory for LIFO inventory. C) net markups but not net markdowns are included in the computation of ending inventory for lower-of-cost-or-market inventory. D) net markdowns but not net markups are included in the computation of ending inventory for Average Cost inventory.
A company shows a $800 balance in Prepaid Rent in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired rent of $300. This adjusting entry results in:
A. $300 of prepaid insurance. B. $300 difference between the debit and credit columns of the Unadjusted Trial Balance. C. $300 increase in net income. D. An error in the financial statements. E. $300 decrease in net income.
TRANSACTION exposure measures gains or losses that arise from the settlement of existing financial obligations whose terms are stated in a foreign currency
Indicate whether the statement is true or false.