Assume that liquid funds can be invested to yield 4.5 percent. If annual remittance checks total $2
billion, what is it worth for the firm to reduce float by 1 day?
A) $24,658 B) $246,575 C) $257,534 D) $388,349
B
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On October 1, 2015, Jacob's Beach Umbrellas borrowed $5,000 on a 12%, one-year note payable. Interest was payable semiannually. A correct adjusting entry was made on December 31, 2015, and a correct reversing entry was made on January 1, 2016. The entry that should be made on March 31, 2016, is
A) Interest Payable 300Cash 300 B) Interest Expense 150Interest Payable 150Cash 300 C) Interest Expense 150Cash 150 D) Interest Expense 300Cash 300
“Rich and lean” pertains to which aspect of the environment?
a. visual elements b. all five sensory elements c. the amount of information d. staffing levels
A firm uses both direct selling, as well as department store formats to sell its cosmetic products. This illustrates _____
a. an independent vertical marketing system b. a partially integrated vertical marketing system c. a fully integrated vertical marketing system d. multi-channel retailing
Reversing entries are used in conjunction with ________
A) accrual-type adjustments B) closing entries C) GAAP D) Unearned Revenue and Prepaid Rent