The inventory records for Radford Co. reflected the following Beginning inventory @ May 1700?units@$3.00? First purchase @ May 7800?units@$3.20? second purchase @ May 171000?units@$3.30? Third purchase @ May 23600?units@$3.40? Sales @ May 312400?units@$4.90? Determine the weighted average cost per unit (rounded) for May.
A. $3.23
B. $3.18
C. $3.29
D. $4.90
Answer: A
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The following covenants are extracted from the indenture for McMorris Industries' 20 year-bond. The indenture provides that failure to comply with its terms in any respect automatically advances the due date of the loan to the date of noncompliance. REQUIRED: Assume that each of these is an independent scenario and identify the audit steps that should be taken or reporting requirements necessary
in connection with (a) through (d). a. The debtor company shall endeavor to maintain a working capital ratio of 2.5 to 1 at all times, and, in any fiscal year following a failure to maintain this ratio, the company shall restrict compensation of the CEO and executive officers to a total of no more than $1,000,000 . Executive officers for this purpose shall include the chairman of the board of directors, the president, all vice presidents, the secretary, and the treasurer. b. The debtor company shall insure all property that is security for this debt against loss by hurricane to the extent of 90% of its actual value. Insurance policies securing this protection shall be filed with the trustee. c. The debtor company shall pay all taxes legally assessed against the property that serves as security for this debt within the time provided by law for payment without penalty and shall deposit receipted tax bills or equally acceptable evidence of payment of same with the trustee. d. A sinking fund shall be established and deposited with the trustee by semiannual payments of $450,000, from which the trustee shall, at his/her discretion, purchase bonds of this issue.
Included in the information security policy, managers should consider including virus protection, which includes how often the system should be scanned and how frequently the software should be __________.
Fill in the blank(s) with the appropriate word(s).
Adam Smith, in The Wealth of Nations, said the capitalistic system was composed of six institutions, which include all but which of the following?
a. Economic motivation. b. Free enterprise. c. Labor. d. Limited government.
Sunrays, Inc wrote off the account of one of its customers, Brad Doe, in 2016 for $500
On January 21, 2017, Brad unexpectedly repaid his account in full. The company uses the direct write-off method to account for uncollectible receivables. Journalize the entries required for Sunrays, Inc on January 21, 2017. What will be an ideal response