After aging the accounts receivable, it is estimated that $700 will not be collected and the allowance account has an existing credit balance of $100 . The adjusting entry under the aging approach would be for the amount of
a. $100.
b. $600.
c. $700.
d. $800.
b
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The cost of merchandise sold during the year was $50,000 . Merchandise inventories were $12,500 and $10,500 atthe beginning and end of the year, respectively. Accounts payable were $6,000 and $5,000 at the beginning andend of the year, respectively. Using the direct method of reporting cash flows from operating activities, cashpayments for merchandise total
a. $49,000 b. $47,000 c. $51,000 d. $53,000
If our research objective is to determine relationships, we should use the relationship type of data analysis
Indicate whether the statement is true or false
Mars, Inc., makers of Snickers candy bars launched its You're Not You When You're Hungry promotion campaign. The company's television commercials portrayed regular people disguised as celebrities behaving badly because they were hungry. Along with the commercials, print ads were released featuring inversion illusions showing the difference between someone whose hunger is satisfied and someone whose hunger is clearly not. In addition, the print ads included a coupon for a Snickers candy bar. This type of promotional strategy is referred to as
A. an integrated advertising mix. B. integrated marketing communications. C. an integrated promotion mix. D. integrated promotion communications. E. an integrated marketing concept.
Gillock, Inc. uses MACRS for its income tax return and the straight-line method for its financial statements. On January 1, Year 1, the company purchased a long-term asset that cost $130,000 and has a $10,000 salvage value and an expected 8-year useful life. MACRS specifies a 5-year life for that asset and a depreciation rate of 20% for the first year of its life. Which of the following would the company show on its financial records?
A. Depreciation expense of $26,000 on the income statement and $15,000 on the tax return B. The same amount of depreciation expense for financial reporting as for income tax preparation C. A deferred tax liability will be reported on the balance sheet D. Less depreciation expense on the tax return than on the income statement