In a common-size income statement for a retail store, the 100 percent amount is for
a. net revenues.
b. cost of goods sold.
c. gross profit.
d. net income.
A
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Which of the following is not a significant difference between the allowance method and the direct write-off method?
A. One method reports net realizable value on the balance sheet and the other does not. B. One method conforms to GAAP and the other typically does not. C. One method requires the estimation of uncollectible accounts and the other does not. D. One method requires writing off of uncollectible accounts and the other does not.
Some of the factors to consider in the analysis of management are:
A) the experience, skills, and chronological age of the management team. B) the skills, technical knowledge, and reputations of the management team. C) the skills, actual track record, and experience of the management team. D) the capabilities and potential of the management team.
Flash memory ____.
A. is a form of solid-state storage B. updates the data it holds in small blocks C. both a. and b. D. neither a. nor b.
Arizona Desert Homes (ADH) constructed a new subdivision during 2017 and 2018 under contract with Cactus Development Co. Relevant data are summarized below:
Contract amount $ 3,000,000 Cost: 2017 1,200,000 2018 600,000 Gross profit: 2017 800,000 2018 400,000 Contract billings: 2017 1,500,000 2018 1,500,000 ADH recognizes revenue over time with respect to these contracts. In its December 31, 2017, balance sheet, ADH would report: A) The contract asset, cost and profits in excess of billings, of $500,000. B) The contract liability, billings in excess of cost, of $300,000. C) The contract asset, contract amount in excess of billings, of $1,500,000. D) The contract asset, deferred profit, of $400,000.