Roland owns a sporting goods store in the Midwest. During the winter months, he prices his baseball and camping gear at reduced prices in hopes of selling the equipment year-round. This is an example of a(n) ________ discount.
Fill in the blank(s) with the appropriate word(s).
seasonal
Seasonal discounts are price reductions given to buyers purchasing goods or services out of season.
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Answer the following statements true (T) or false (F)
1. In a limited liability partnership, each partner is not personally liable for the malpractice or negligence committed by another partner. 2. The income of a limited liability company cannot be taxed to the members as though they were partners. 3. An S corporation is a corporation with 100 or fewer stockholders that can elect to be taxed as a partnership. 4. If elected, an S corporation pays no corporate income tax.
The premium approach involves giving the customer a free sample or an inexpensive gift
Indicate whether the statement is true or false
On October 30, Seba Salon, Inc issued a 90-day note with a face amount of $36,000 to Reyes Products, Inc for merchandise inventory. Determine the adjusting entry for Seba on December 31 assuming the note carries an interest rate of 8%
A) Interest Expense 720Interest Payable 720 B) Interest Expense 496Interest Payable 496 C) Interest Receivable 2,880Interest Revenue 2,880 D) Interest Receivable 480Interest Revenue 480
Why was the Digital Millennium Copyright Act passed?