Which statement is correct to find the markup amount when the cost and selling price are known?
A) The markup amount is the sum of the selling price and the cost.
B) The markup amount is the difference between the selling price and the cost.
C) The markup amount is the markup rate times the cost.
D) The markup amount is the difference between the markup rate and 100%.
B
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The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is
A) First in first out B) Last in first out C) Average cost D) Specific identification
Under the indirect method, an increase in accounts payable is:
a. added to the net income to arrive at the net cash inflow from financing activities. b. not reported in the statement of cash flows. c. added to the net income to arrive at the net cash inflow from operating activities. d. subtracted from the net income to arrive at the net cash inflow from operating activities.
Going Places Adventure Travel signed a 14%, 10-year note for $152,000. The company paid an installment of $2,200 for the first month. After the first payment, what is the principal balance? (Round your answer to the nearest whole number.)
A) $149,800 B) $150,227 C) $151,573 D) $154,200
8. The two criteria used to validate that a sequence of numbers is random are independence and _________
What will be an ideal response?