Firms that need cash for long-term purposes, such as acquiring buildings and equipment or financing a business acquisition, and that wish to use debt as a means of obtaining cash, will
a. borrow from commercial banks.
b. borrow from insurance companies.
c. borrow from financial institutions.
d. issue bonds in the capital markets.
e. all of the above
E
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The audit report is modified to five paragraphs as a result of another audit firm performing part of the financial statement audit
a. True b. False Indicate whether the statement is true or false
The product warranty liability is an example of an estimated liability
Indicate whether the statement is true or false
Portside Watercraft uses a job order costing system. During one month Portside purchased $153,000 of raw materials on credit; issued materials to production of $164,000, of which $24,000 were indirect. Portside incurred a factory payroll cost of $95,000, of which $25,000 was indirect labor. Portside uses a predetermined overhead rate of 170% of direct labor cost. The journal entry to record the application of factory overhead to production is:
A. Debit Work in Process Inventory $161,500; credit Factory Overhead $161,500. B. Debit Work in Process Inventory $95,000; credit Factory Payroll $95,000. C. Debit Work in Process Inventory $119,000; credit Factory Overhead $119,000. D. Debit Work in Process Inventory $55,800; credit Factory Overhead $55,800. E. Debit Factory Overhead $119,000; credit Work in Process Inventory $119,000.
Which of the following represents earned media?
A. advertising on mobile devices, on billboards, and online B. television news, newspaper articles, and reviews C. branded websites and brochures D. the selling company's social media E. advertising on television, in print, and on the radio