Liabilities are established with debits and eliminated with credits
Indicate whether the statement is true or false
F
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____________________ preferred stock accrues unpaid dividends from year to year
Fill in the blank(s) with correct word
Answer the following statements true (T) or false (F)
1. In a manufacturing company, wages and benefits of assembly line workers are period costs. 2. In a manufacturing company, 3. In a manufacturing company, wages and benefits of factory managers are treated as product costs. 4. Product costs, such as direct materials costs, are expensed in the period they are incurred. 5. The three categories of period costs are direct materials, direct labor, and manufacturing overhead.
If an instrument is acquired as part of a corporate purchase of assets, the holder will have the rights of an HDC.
Answer the following statement true (T) or false (F)
The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents$10,019?Accounts receivable 78,422?Merchandise inventories 68,362?Prepaid expenses 5700?Accounts payable$16,550?Notes payable 94,638?Other current liabilities 11,100?If net sales for the current year were $603,500, the firm's days' sales uncollected for the year is: (Use 365 days a year.)
A. 79.7 days B. 69.5 days C. 47.4 days D. 41.3 days E. 159.4 days