Long-term assets such as plant spontaneously vary with sales.?
Answer the following statement true (T) or false (F)
False
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Marcos Company reported the following items on its financial statements for the year ending December 31, 2016: Sales $ 560,000 Cost of goods sold $400,000 Salary expense 40,000 Interest expense 30,000 Dividends 20,000 Income tax expense 25,000 How much will be reported as retained earnings on Marcos' balance sheet at December 31, 2016, if this is the first year of operations?
a. $ 45,000 b. $ 65,000 c. $ 85,000 d. Not enough information is provided.
On September 12, Vander Company sold merchandise in the amount of $8600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5400. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is:
A.
| Purchases | 5400? | |
| Accounts receivable | 5400? |
B.
| Accounts payable | 5400? | |
| Merchandise inventory | 5400? |
C.
| Merchandise inventory | 8600? | |
| Accounts payable | 8600? |
D.
| Purchases | 8600? | |
| Accounts receivable | 8600? |
E.
| Purchases | 8600? | |
| Accounts payable | 8600? |
To avoid litigation, some credit-granting companies
a. choose not to respond to customer requests for credit. b. choose to omit from their letters the explanation for credit denial. c. make the name and address of the credit bureau inaccessible to the consumer. d. refuse credit by phone rather than in writing.
Texting may be useful for all of the following reasons except
A) providing fast client contact. B) advertising your new product or service. C) commenting during a speech by a client. D) confirming deliveries. E) sending important information in a meeting.