On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. How would Flores record the sale on November 10?A.Accounts Receivable7,840 Sales Revenue 7,840B.Accounts Receivable8,000 Sales Revenue 8,000C.Accounts Receivable7,840 Cash Discounts160 Sales Revenue 8,000D.Accounts Receivable8,000 Cash Discounts 160 Sales Revenue 7,840
A. Option A
B. Option B
C. Option C
D. Option D
Answer: B
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Gartner defines ____ as a work style characterized by a flurry of collective activity by anyone and everyone available to add value.
A. major incident handling B. crowdsourcing C. crowdhelping D. swarming
On a break-even chart, the break-even point is located at the point where the total
a. revenue line crosses the total fixed cost line. b. revenue line crosses the total contribution margin line. c. fixed cost line intersects the total variable cost line. d. revenue line crosses the total cost line.
Jasper makes a $25,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be:
A. Debit Cash $25,000; credit Notes Receivable for $25,000. B. Debit Accounts Receivable $25,000; credit Notes Receivable $25,000. C. Debit Notes Receivable for $25,000; credit Cash $25,000. D. Debit Notes Receivable $25,000; credit Sales $25,000. E. Debit Notes Payable $25,000; credit Accounts Payable $25,000.
Answer the following statement(s) true (T) or false (F)
1. In a stock acquisition, the acquiring corporation becomes a subsidiary of the target corporation. 2. The purchasers in an asset acquisition will generally not be held liable for undisclosed liabilities and obligations of the target corporation stemming from prior transactions. 3. In a stock purchase agreement, it is not necessary to identify in detail the exact assets and liabilities of the selling corporation. 4. In states following the Model Business Corporation Act, the shareholders of a corporation need not approve the restatement of the articles of incorporation if no amendment to provisions of the articles is included.