Which of the following is an example of ethical behavior?
A. Providing nonstandard parts, but charging for factory parts.
B. Misleading a customer about warranty coverage in order to make a sale.
C. Providing or substituting an expensive product for an inferior one.
D. Reporting a theft carried out by another employee.
Answer: A
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A company's five-day weekly payroll of $980 is paid on Fridays. Assume that the last day of the month falls on Wednesday. Which of the following is the required adjusting entry for the month end?
a. Debit Salaries Payable $588 and credit Salaries Expense $588. b. Debit Salaries Expense $588 and credit Salaries Payable $588. c. Debit Unpaid Salaries $588 and credit Salaries Payable $588. d. Debit Salaries Expense $392 and credit Salaries Payable $392.
North Woods Company has a line of credit with Olympia State Bank. North Woods agreed to pay interest at an annual rate equal to 3% above the bank's prime rate. Funds are borrowed or repaid on the first day of each month and interest is paid in cash on the last day of each month. Borrowing is shown as a positive amount, and repayments are shown as negative amounts indicated by parentheses. Activity to date is given as follows: MonthAmt. Borrowed(Repaid)Prime Rate forthe MonthJanuary$25,000? 7?% February 39,000? 5?% March (25,000)? 3?% What is the amount of interest paid at the end of March? (Do not round your intermediate calculations.)
A. $208.0 B. $97.5 C. $227.5 D. $195.0
Whistle-blowing is a protected right of employees.
Answer the following statement true (T) or false (F)
Which of the following is not a method of estimating the amount of bad debt expense at the end of the accounting period?
A) percent-of-receivables method B) percent-of-sales method C) direct write-off method D) aging-of-receivables method