Freeman Co. had net sales of $4.2 million and ending accounts receivable of $0.8 million. Its days' sales uncollected equals:
A. 11.5 days.
B. 19.2 days.
C. 292 days.
D. 5.3 days.
E. 69.5 days.
Answer: E
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Springfield Company purchases new factory equipment. Per the terms of the contract, Springfield must pay the freight charges, will receive a manufacturer's discount off the invoice price on the equipment, and will have some setup expenses to pay. As a result, the acquisition cost of equipment recorded on Springfield's books will be the sum of the invoice price
a. less any discounts, plus transportation costs, installation charges, and any other costs incurred before the equipment is ready for use. b. less any discounts and transportation costs, plus installation charges and any other costs incurred after the equipment is ready for use. c. plus transportation costs, installation charges, and any other costs incurred before the equipment is ready for use. d. less transportation costs, installation charges, and any other costs incurred after the equipment is ready for use. e. less any discounts and installation charges, plus transportation charges and any other costs incurred after the equipment is ready for use.
Generally, mandatory arbitration provisions in a contract are valid
a. True b. False Indicate whether the statement is true or false
The following is the adjusted trial balance from the worksheet for Tuttle Photography
Tuttle Photography Adjusted Trial Balance For the Year Ended December 31, 2016 Accounts Debit Credit Cash $ 15,000 Accounts Receivable 30,000 Prepaid Insurance 7,500 Office Supplies 3,200 Building 160,000 Accumulated Depreciation-Building $ 12,000 Equipment 75,000 Accumulated Depreciation-Equipment 8,500 Land 40,000 Accounts Payable 12,000 Salaries Payable 2,000 Unearned Revenue 25,000 Mortgage Payable 100,000 Common Stock 21,290 Dividends 23,000 Service Revenue 289,000 Salaries Expense 61,000 Depreciation Expense-Building and Equipment 6,150 Office Supplies Expense 14,040 Insurance Expense 14,000 Utilities Expense 20,900 Total $469,790 $469,790 Using the information provided in the worksheet above, prepare an income statement for Tuttle Photography. What will be an ideal response
The organization that provides national and institutional leadership in purchasing and materials management is:
A) APICS. B) ISM. C) CLM. D) ASQ.