On January 1, the Rodrigues Corporation leased some equipment on a 2-month lease, paying $1,500 per month. The lease is considered to be a short-term lease. Prepare the general journal entry to record the second lease payment on February 1.
What will be an ideal response?
| 2/1 | Rent Expense | 1,500 | ? |
| ? | Cash | ? | 1,500 |
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Adonis Corporation issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.5%. Adonis received $206,948 in cash proceeds. Which of the following statements is true?
A. Adonis must pay $200,000 at maturity and no interest payments. B. Adonis must pay $200,000 at maturity plus 20 interest payments of $7,500 each. C. Adonis must pay $206,948 at maturity plus 20 interest payments of $8,000 each. D. Adonis must pay $200,000 at maturity plus 20 interest payments of $8,000 each. E. Adonis must pay $206,948 at maturity and no interest payments.
A sales manager, Dev, is facing an ethical situation wherein his bicycle company that specializes in mountain bikes sold a bicycle with a defective component. If he informs the customer and issues a recall, it would cost him a substantial amount of money. If the bike malfunctions, there is a very small chance that it could cause serious injury to a cyclist who might use it on rough terrain. He decides to use the egoism approach to decision making and remain silent about the defect, because he
A. wants to first consult with his insurer. B. is motivated by self-interest. C. is looking to accomplish the greatest good for the greatest number of people. D. is motivated to protect the interests of his employees. E. wants to first consult with others whom he respects.
Double D Ranch and Esau enter into a contract on August 1 for the sale of 200 cattle. Esau cancels the contract ten days later. Double D is unable to sell the cattle to another buyer. Double D can
A. force Esau to accept the cattle and pay for them. B. recover the contract price from Esau but must hold the cattle for him. C. recover the contract price from Esau and keep the cattle. D. recover the contract price from Esau but must destroy the cattle.
In 2016, online sales in the United States topped $1 trillion for the first time.
Answer the following statement true (T) or false (F)