Cost of goods sold equals $500,000, and average inventory equals $200,000 . Days' inventory on hand equals
a. 91.3 days.
b. 146.0 days.
c. 821.9 days.
d. 912.5 days.
B
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A bond is an obligation of the shareholders
a. True b. False Indicate whether the statement is true or false
Refer to the following information for Tolan Corporation:
• Common Stock, $1.00 par, 106,000 shares issued, 100,000 shares outstanding • Paid-In Capital in Excess of Par—Common: $2,190,000 • Retained Earnings: $920,000 • Treasury Stock: 6000 shares purchased at $21 per share If Tolan resold 2500 shares of treasury stock for $22.50 per share, which of the following statements would be TRUE? A) The Treasury Stock account would decrease by $26,250. B) The Paid-In Capital in Excess of Par—Common account would increase by $2500. C) The Treasury Stock account would decrease by $52,500. D) The Retained Earnings account would increase by $56,250.
Sales on account are recorded using the ________ window.
A. Make Deposits B. Sales Receipts C. Receive Items D. Create Invoices
In FTC v. Proctor & Gamble, the Supreme Court blocked the merger of Clorox and Proctor & Gamble, even though the companies did not make the same products. The court based its decision on which legal theory?
a. market share liability b. application of the per se rule c. potential competition d. strict liability e. negligence of the companies