Giving up something in return for something is referred to as a/an ______.
A. gift
B. deposit
C. exchange
D. replacement
C. exchange
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Identify a true statement about the implied warranty of merchantability.
A. It assumes that every purchase involves the informed consent of a buyer. B. It holds that a business has a duty to ensure that its products will accomplish their purpose. C. It shifts the burden of proof from producers to consumers. D. It allows a business to completely disown any promise or warranty.
The number of days' sales uncollected:
A. Is calculated by multiplying accounts receivable by sales. B. Measures a company's ability to pay its bills on time. C. Measures a company's debt to income. D. Is used to evaluate the liquidity of receivables. E. Is calculated by dividing sales by accounts receivable.
Anthony Company sold Madison Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Anthony prepaid the $300 shipping charge. Which of the following entries does Anthony make to record this sale?
A) Accounts Receivable-Madison, debit $20,000; Sales, credit $20,000 B) Accounts Receivable-Madison, debit $20,000; Sales, credit $20,000, andAccounts Receivable-Madison, debit $300; Cash, credit $300 C) Accounts Receivable-Madison, debit $20,500; Sales, credit $20,500 D) Accounts Receivable-Madison, debit $20,000; Sales, credit $20,000, andFreight Out, debit $300; Cash, credit $300
Equity is a branch of law, founded in justice and fair dealing that seeks to supply a remedy when no adequate remedy at law is available
a. True b. False Indicate whether the statement is true or false