To buy a stuffed cow,Ken executes a check "pay to Laura or bearer" and gives it to Laura, who does not own a stuffed cow. This check is
a. negotiable.
b. nonnegotiable, because it does not indicate a specific payee.
c. nonnegotiable, because it may be a joke.
d. nonnegotiable, because Laura does not own a stuffed cow.
A
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Preston Sales, Inc. has gross salaries and wages for March of $45,000. Provide the journal entry to record salaries and wages expense and payroll withholdings. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) Salaries and wages to date are under the OASDI limit. Assume no federal or state income taxes are due. Salaries and wages will be paid at a later date. Omit explanation.
What will be an ideal response?
A company uses activity-based costing to determine the costs of its three products: A, B, and C. The budgeted cost and activity for each of the company's three activity cost pools are shown in the following table:
Budgeted Activity Activity Cost Pool; Budgeted Cost; Product A; Product B; Product C Activity 1 $73,000; 6,300; 9,300; 20,300 Activity 2 $48,000; 7,300; 15,300; 8,300 Activity 3 $88,000; 2,800; 1,300; 1,925 Which of the following statements is true regarding this company's activity rates? a. The activity rate under the activity-based costing system for Activity 2 is $1.55. b. The activity rate under the activity-based costing system for Activity 2 is $18.19. c. The activity rate under the activity-based costing system for Activity 2 is $14.61. d. The activity rate under the activity-based costing system for Activity 2 is $2.93. e. The activity rate under the activity-based costing system for Activity 2 is $2.03.
In managing fixed assets, the entrepreneur should buy, instead of lease, whenever possible.
Answer the following statement true (T) or false (F)
To fill in the unadjusted trial balance columns in a worksheet, the account balances before adjustments are copied directly from the ________
A) ledger B) adjusted trial balance C) chart of accounts D) balance sheet of previous year