A perpetual inventory system
A) only records the inventory on hand at the end of the year physical count
B) keeps a continuous record of the physical quantities of inventory on hand
C) does not maintain a continuous record of the physical quantities of inventory on hand
D) does not maintain a continuous record of the cost of inventory on hand
B
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Gains and losses on the sale of investments appear as adjustments within the operating activities section of the statement of cash flows
Indicate whether the statement is true or false
Use this information to answer the following question. The following totals for the month of November were taken from the payroll register of Levine Company: Salaries expense $12,000 Social security and Medicare taxes withheld 550 Income taxes withheld 2,500 Medical insurance deductions 250 Life insurance deductions 200 Salaries subject to federal and state unemployment taxes of 6.2 percent 4,000
The entry to record the payment of net payroll would include a a. debit to Salaries Payable for $12,000. b. debit to Salaries Payable for $7,950. c. debit to Salaries Payable for $8,500. d. credit to Cash for $9,050.
Last year, 41% of the sales of the local coffee shop were during breakfast hours. If those breakfast hour sales were $28,500, what were the total sales of the coffee shop for the year? ? For the problem above, the unknown element is the Base. The formula for finding the Base is ? Base = Portion X Rate ?
Answer the following statement true (T) or false (F)
Debt represents funds loaned in exchange for
A) dividend income and the repayment of the loan principal. B) dividend income and an ownership interest in the firm. C) interest income and a partial ownership interest in the firm. D) interest income and the repayment of the loan principal.