Production and sales estimates for June are as follows: Estimated inventory (units), June 1 21,000 Desired inventory (units), June 30 19,000 Expected sales volume (units): Area X 7,000 Area Y 4,000 Area Z 5,500 Unit sales price $20 The number of units expected to be manufactured in June is:
A) 10,000
B) 11,500
C) 14,500
D) 12,500
C
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During December, Horn Inc purchased $800 of supplies for use in its business. At the end of December, 20% of the supplies were still on hand, but only 75% had been paid. What amounts will appear on the company's balance sheet on December 31? Supplies on Hand Accounts Payable
a. $800 $600 b. $160 $200 c. $640 $200 d. $160 $800
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Indicate whether the statement is true or false
Accounts payable
a. signs paychecks b. prepares the payroll voucher c. reconciles time cards and employee records d. distributes paychecks to employees
Explain how transactions are audited in an electronic data interchange environment