Which of the following accounts is used in the periodic inventory system but not used in the perpetual inventory system?
A) Merchandise Inventory
B) Sales
C) Sales Returns and Allowances
D) Accounts Payable
E) Purchases
E) Purchases
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Property Taxes Expense is recorded only in the month it is paid
Indicate whether the statement is true or false
Which of the following statements is true of equity fines?
A) The corporation is fined in a manner that is considered just and fair to shareholders. B) The fine is determined in accordance with criminal sentencing guidelines issued by a court of equity. C) The corporation pays the fine in the form of stock to a victim's compensation fund. D) The fine absolves corporate managers of all responsibility.
Poole Contractors makes a contract with Delta Resources to pay $50,000 for the supply of 500 truckloads of sand within a week. Delta Resources delivers the sand in two days after the contract was made. Poole Contractors pays the $50,000 promised in the contract. This is an instance of ________.
A. substantial performance B. a material breach C. a minor breach D. strict performance
Oriental Corporation has gathered the following data on a proposed investment project: Investment in depreciable equipment$200,000 Annual net cash flows $50,000 Life of the equipment 10yearsSalvage value$0 Discount rate 10%The company uses straight-line depreciation on all equipment. Assume cash flows occur uniformly throughout a year except for the initial investment.The simple rate of return on the investment would be:
A. 15% B. 10% C. 25% D. 35%