________ is the portion of total cost that remains constant regardless of changes in levels of output
Fill in the blanks with correct word
Fixed cost
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Gross profit margin is an important ratio of merchandising firms because:
a. their investments in real property are high. b. cost of goods sold is usually the largest expense. c. selling expenses, like advertising, are usually quite high. d. it measures their ability to collect receivables. e. it measures their ability to use total assets.
Small businesses make up the majority of the competitive landscape for most businesses. There are approximately ________ small businesses in the United States.
A. 52 million B. 28 million C. 39 million D. 97 million E. 17 million
Reversing entries:
A. Are required by GAAP. B. Are prepared on the worksheet. C. Are optional. D. Are mandatory. E. Correct errors in journal entries.
Wal-Smart ordered 500 toy trucks from Mattsel to resell in its retail store. When the shipment from Mattsel did not arrive by the contract deadline, Wal-Smart purchased 500 toy trucks from TruckCo Wal-Smart's remedy is called:
a. correction. b. tender of delivery. c. cover by purchasing substitute goods from another seller. d. cure by the seller.