Which balance sheet accounts are most affected by financing activities?
A) Current assets
B) Current liabilities
C) Long-term assets
D) Long-term liabilities and stockholders' equity
D
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On September 12, Ryan Company sold merchandise in the amount of $5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Ryan makes on September 18 is:
A.
| Cash | 5,194 | |
| Accounts receivable | 5,194 |
B.
| Cash | 5,800 | |
| Accounts receivable | 5,800 |
C.
| Cash | 5,194 | |
| Sales discounts | 106 | |
| Accounts receivable | 5,300 |
D.
| Cash | 5,684 | |
| Sales discounts | 116 | |
| Accounts receivable | 5,800 |
E.
| Cash | 5,684 | |
| Accounts receivable | 5,684 |
Sean has created an automatic cat feeder that will release small amounts of wet food at times set by the owner. He hopes that the unit will solve the problem of having to feed the cat multiple times a day or having to throwout food that has gone dry.He builds seven crude but serviceable units and asks friends with cats to test the product.He then obtainstheir feedback.What is this action called?a. a pilot b. a storyboard c. a product launch d. an operational test
a. a pilot b. a storyboard c. a product launch d. an operational test
A potential benefit given up when one activity is selected over another best defines
A) sunk costs. B) variable costs. C) opportunity costs. D) reflective costs.
________ are the terms of sale offered by different suppliers in response to the purchase specifications posted by the buyer.
A. Purchasing rebuys B. Requisitions C. Legal bonds D. Competitive bids E. Auctions