Which of the following is most likely to short a housing futures contract?
A)
Home buyer
B)
Renter
C)
New home builder
D)
Real estate broker
Answer:
C
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An advantage of basing bad debt expense on the historical relationship between bad debts and net credit sales is that
A) it provides the best estimate of the net realizable value of accounts receivable. B) it provides the best information to the credit department to use in its collection activities. C) it best adheres to principle of cause and effect recognition. D) it considers the balance in the allowance account when making the bad debt expense estimate.
Use this inventory information for the month of May to answer the following questions. May 1 Beginning inventory 40 units @ $76 7 Purchase 140 units @ $80 18 Sale 50 units 22 Purchase 20 units @ $88 29 Sale 80 units Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis?
A) More information is needed. B) $10,240 C) $5,440 D) $5,760
The form of income statement that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a
A) multiple-step statement B) revenue statement C) report-form statement D) single-step statement
Hesson Properties, Inc Transactions for Hesson Properties are provided below. Nov. 1 Hesson purchases two new maintenance carts on credit at $375 each. The carts are added to Hesson's property, plant, and equipment records. Payment is due in 30 days. Nov. 8 Hesson accepts $75 of advance payments from customers for services to be provided in December. Nov. 15 Hesson receives the utility bill for
$150. Payment is due in 30 days. Nov. 20 Customers are billed $750 by Hesson for property services. Payment is due from the customers in 30 days. Nov. 30 Hesson received $500 from customers who were billed on November 20th. Refer to the transactions that occurred at Hesson Properties. Based on these transactions, how much is still owed to Hesson from its customers at the end of November? A) -0- B) $250 C) $500 D) $700