The owner of a grocery store wants to have non-food items delivered, priced, displayed and inventoried by a wholesaler. Which type of wholesaler best fits the owner's needs?
A) drop shipper
B) cash-and-carry wholesaler
C) truck jobber
D) rack jobber
E) mail-order wholesaler
D
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Which of the following is considered to be an entity-wide control?
a. Segregation of duties. b. Controls over management override. c. Authorization procedures for purchasing. d. Adequately documented transaction trails.
At the current year-end, Ruiz Company found that its overhead was underapplied by $2,500, and this amount was not considered material. Based on this information, Ruiz should:
A. do nothing about the $2,500, since it is not material, and it is likely that overhead will be overapplied by the same amount next year. B. close the $2,500 to Cost of Goods Sold. C. carry the $2,500 to the next period. D. close the $2,500 to Finished Goods Inventory. E. carry the $2,500 to the income statement as "Other Expense".
Martinez Installations Company uses the direct method to prepare its statement of cash flows
Martinez has reported sales revenues of $200,000 on its income statement for 2017. If the balance in Accounts Receivable has increased by $10,000 during the year, then $10,000 needs to be added to $200,000 to calculate collections from customers. Indicate whether the statement is true or false
The amount paid for an annuity divided by the expected return from the annuity is the:
A) FICA deduction ratio B) rate of return on the annuity C) exclusion ratio D) none of the above