The sales revenue of a merchandiser amounted to $25,000, sales returns and allowances amounted to $2,400, and sales discounts amounted to $600. The merchandiser uses a perpetual inventory system
The first entry in the closing process would include ________.
A) a credit to Income Summary for $25,000
B) a credit to Income Summary for $22,600
C) a debit to Income Summary for $2,400
D) a debit to Income Summary for $24,400
A .Sales Revenue 25,000
Income Summary 25,000
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In general, consolidated financial statements should be prepared
a. when a corporation owns more than 20% and less than 40% of the common stock of another company b. when a corporation owns more than 50% of the common stock of another company c. only when a corporation owns 100% of the common stock of another company d. whenever the market value of the stock investment is significantly lower than its cost
Revenues are:
a. cash payments from customers. b. outflows of assets to customers. c. cash receipts from customers. d. inflows of assets from customers. e. sensitive to the timing of cash receipts from customers.
Which of the following best describes the internal rate of return?
A) interest rate that makes the net present value of the investment equal to zero B) discount rate that is used to evaluate funds borrowed from a lender for profitability C) the ratio of average annual income to average amount invested D) the rate at which the profitability of an investment increases
The organizational culture norm about the importance of the norm (e.g., are people willing to sanction others for violating culture norms) is known as:
A. the content B. the consensus C. the intensity D. the artifact