During May, Phone Mart sold 150 iPhones for $200 each. Each iPhone had cost Phone Mart $108 to purchase and carried a one-year warranty. If 4 percent typically need to be replaced over the warranty period and two actually are replaced during May, the entry to record the Product Warranty Expense is
A) Product Warranty Expense 216 Estimated Product Warranty Liability 216
B) Product Warranty Expense 3,000 Cash 3,000
C) Product Warranty Expense 648 Cash 648
D) Product Warranty Expense 648 Estimated Product Warranty Liability 648
D
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When the trademark is a descriptive term, ________.
A. protection exists only if a claimant proves that the term conveys to consumers a secondary meaning of association with the claimant B. courts are unwilling to allow the term for trademark protection C. courts routinely treat the term as distinctive to legal merit D. it qualifies for trademark protection automatically and functions as the common descriptive name of a product class
Holiday Corporation provided these figures for the year ended December 31, 20xx: Cost of goods sold, $516,117; change in inventory, $67,483 decrease; average accounts payable, $52,529. What is the company's payables turnover? Round your answer to one decimal place
a. 9.1 times b. 8.5 times c. 10.9 times d. 8.0 times
Balances for Accounts Receivable and Sales Discounts are projected after the cash collections schedule is prepared
Indicate whether the statement is true or false
A confederal form of government is a confederation of independent states with a central government of very limited powers
a. True b. False Indicate whether the statement is true or false