The goal of accounts receivable management is to
A) increase sales by offering credit to customers.
B) have a department of its own in a company.
C) collect money as fast as possible.
D) give credit to every customer.
A
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Explain the four common elements of organizations proposed by Edgar Schein.
What will be an ideal response?
The Chisholm Company purchased a machine on November 1 . 2005, for $148,000 . At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $4,000 . Chisholm has recorded monthly depreciation using the straight-line method. On July 1 . 2014, the machine was sold for $13,000 . What should be the loss recognized from the sale of the
machine? a. $4,000 b. $5,000 c. $10,200 d. $13,000
Bonds Payable on the balance sheet of Michael LLC includes one series of bonds initially issued at a premium. The entry made in the accounting records for interest expense during the period was as follows: Interest Expense . . . . . . . . . . . . . . . . .4,500 Premium on Bonds Payable . . . . . . . . . . 500 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 The firm spent
$5,000 of cash even though it subtracted only $4,500 of interest expense in computing net income. In preparing the statement of cash flows using the T-account work sheet a. subtract an additional $5,000 from net income to derive cash flow from operations. b. subtract an additional $4,500 from net income to derive cash flow from operations. c. subtract an additional $500 from net income to derive cash flow from operations. d. add an additional $500 from net income to derive cash flow from operations. e. add an additional $4,500 from net income to derive cash flow from operations.
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