Marks, who innocently purchased a used television that had been stolen by the seller, was requested to surrender the television. Marks would not surrender the set until he was reimbursed the money he paid. Marks is guilty of the tort of
a. fraud.
b. trespass.
c. negligence.
d. conversion.
D
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Which of the following is/are true?
a. Firms report accounts receivable they expect to collect within one year at the amount of cash the firms expect to receive. b. Both U.S. GAAP and IFRS require firms with significant uncollectible accounts receivable to estimate the amount of uncollectible accounts related to a particular period's sales and recognize that amount as bad debt expense in the same period as the related revenues. c. Firms typically use a contra account to accounts receivable, such as Allowance for Uncollectibles, to reflect the amount of accounts receivable they do not expect to collect. d. The entry to recognize estimated uncollectible amounts involves a debit to Bad Debt Expense and a credit to Allowance for Uncollectibles. e. all of the above
In the Adjustments column of the work sheet, the credit entry to the Income Summary account represents the ending balance of merchandise inventory
Indicate whether the statement is true or false
Illegal actions by employers against union members or employees who support unions are known as ______________________________.
Fill in the blank(s) with the appropriate word(s).
Job no. C12 was completed in November at a cost of $28,500, subdivided as follows: direct material, $13,500; direct labor, $6,000; and manufacturing overhead, $9,000. The journal entry to record the completion of the job is:
A.
| Cost of Goods Sold | 28,500 | |
| Finished-Goods Inventory | 28,500 |
B.
| Finished-Goods Inventory | 28,500 | |
| Work-in-Process Inventory | 28,500 |
C.
| Work-in-Process Inventory | 28,500 | |
| Finished-Goods Inventory | 28,500 |
D.
| Work-in-Process Inventory | 28,500 | |
| Wages Payable | 6,000 | |
| Raw-Material Inventory | 13,500 | |
| Manufacturing Overhead | 9,000 |
E.
| Finished-Goods Inventory | 28,500 | |
| Cost of Goods Sold | 28,500 |