Musical Tones, Inc., sells fifty MP3 players to Noise Stores, Inc. To avoid liability for most implied warranties, Musical should state in writing that the players are sold
A. as is.
B. by a merchant.
C. in perfect condition.
D. with no known defects.
Answer: A
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Prepaid accounts (also called prepaid expenses) are generally:
A. Classified as equity on the balance sheet. B. Assets that represent prepayments of future expenses. C. Payments made for products and services that never expire. D. Classified as liabilities on the balance sheet. E. Promises of payments by customers.
Recording cost of goods manufactured increases the Work in Process Inventory account
Indicate whether the statement is true or false
RFID supports procurement.
Answer the following statement true (T) or false (F)
Burgundy Manufacturing uses a process cost system and computes cost using the weighted average method. During the current period, the beginning work-in-process inventory cost was $13,525. Manufacturing cost added was $57,000. If Burgundy's ending work-in-process inventory was valued at $15,100, then cost of goods transferred must have been
A) $70,525 B) $55,425 C) $84,625 D) $58,575