The Consumer Product Safety Commission:
a. only has the authority to educate the public concerning product safety problems.
b. uses data it gathers to set uniform product safety standards for goods such as toys and lawn mowers.
c. can only make manufacturers voluntarily submit their products for testing if the product falls below its regulatory standards.
d. have no enforcement powers since compliance with its regulations is left up to the manufacturer.
b
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Which of the following is not a characteristic of extraordinary items reported on the income statement?
a. appear near the end of the income statement b. reported separately from continuing operations c. shown net of tax effects d. is shown as a combined amount with discontinued operations
In its first year of business, Borden Corporation had sales of $2,200,000 and cost of goods sold of $1,300,000. Borden expects returns in the following year to equal 6% of sales. The adjusting entry or entries to record the expected sales returns is (are):
A.
| Sales Refund Payable | 132,000? | |
| Accounts receivable | 132,000? |
B.
| Sales Returns and Allowances | 132,000? | |
| Sales Refund Payable | 132,000? | |
| Inventory Returns Estimated | 78,000? | |
| Cost of goods sold | 78,000? |
C.
| Accounts Receivable | 2,200,000? | |
| Sales | 2,200,000? |
D.
| Sales | 2,200,000? | |
| Sales Refund Payable | 132,000? | |
| Accounts receivable | 2,068,000? |
E.
| Sales returns and allowances | 132,000? | |
| Sales | 132,000? | |
| Cost of Goods Sold | 78,000? | |
| Inventory Returns Estimated | 78,000? |
An annual report provides information about a company's financial condition
Indicate whether the statement is true or false
Directors are not obligated to refrain from self-dealing
a. True b. False Indicate whether the statement is true or false