Which of the following statements is true regarding the multiple-step income statement?
a. The multiple-step income statement is used only by companies that sell products, not those that provide services.
b. The multiple-step income statement is helpful in determining a company's working capital.
c. The multiple-step income statement reports the same net income as the single-step income statement.
d. The multiple-step income statement is required under generally accepted accounting principles.
c
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Consider the following diagram. Which of the following best describes how the relationship between Sales Orders and Cash Receipts will be implemented in the resulting database?
A. The Cash Receipt Amount field will be included as a foreign key in the Cash Receipts table. B. The Sales Order ID will be included as a foreign key in the Cash Receipts table. C. A new table will be created that contains both Sales Order ID and Cash Receipt ID as its composite primary key. D. The Cash Receipt ID will be included as a foreign key in the Sales Orders table.
Amanda, a recent university graduate, needed a car to get to her new job. To help Amanda secure a loan for the car, Ted, a friend, agreed to pay the loan should Amanda default. Ted's promise to pay the loan is a collateral promise. His promise must be in writing to be enforceable
a. True b. False Indicate whether the statement is true or false
ABC sells refrigerators. Any refrigerator that fails before it is 3 years old is replaced for free. Of all refrigerators, 2% fail during their first year of operation; 4% of all 1-year-old refrigerators fail during their second year of operation; and 8% of all 2-year-old refrigerators fail during their third year of operation. It costs ABC $500 to replace a refrigerator, and ABC sells 6,000 refrigerators per year. Estimate the fraction of all refrigerators that will have to be replaced.
What will be an ideal response?
What type of inventory is one of the most damaging from a sustainability perspective?
A) Raw materials B) Work in process C) Finished goods D) Landfill