Severalty is a form of property ownership by two or more persons
Indicate whether the statement is true or false
False
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Below is financial data for Computech Industries' current year. Net sales on account during year $500,000 Cost of merchandise sold during year 300,000 Accounts receivable, beginning of year 45,000 Accounts receivable, end of year 35,000 Inventory, beginning of year 90,000 Inventory, end of year 110,000 Refer to the data for Computech Industries. Based on this information, what is Computech's
inventory turnover ratio for the current period? a. 1.67 times b. 2.73 times c. 0.33 times d. 3.00 times
Which of the following is not one of the GAAP classifications for derivatives?
a. Speculative investment b. Fair value hedge c. Asset-Liability hedge d. Cash flow hedge
On September 1, Kennedy Company loaned $100,000, at 12% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end?
A. Debit Interest Receivable, $12,000; credit Cash, $12,000. B. Debit Interest Expense, $4,000; credit Interest Payable, $4,000. C. Debit Interest Receivable, $4,000; credit Interest Revenue, $4,000. D. Debit Interest Expense, $12,000; credit Interest Payable, $12,000. E. Debit Cash, $4,000; credit Interest Revenue, $4,000.
The ____________________ is the file or book that contains both the activity and balances of all company accounts
Fill in the blank(s) with correct word