Because of service perishability, it is difficult to price services in a manner that takes into account fluctuations in demand.
Answer the following statement true (T) or false (F)
False
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Which of the following formulas gives the inventory turnover ratio?
a. Net credit sales/Average inventory b. Average inventory/Net credit sales c. Cost of goods sold/Average inventory d. Average inventory/Cost of goods sold
Substantive law comprises rules as to what cases a court can decide, how a trial is conducted, and how a judgment by a court is to be enforced.
Answer the following statement true (T) or false (F)
On January 1, 2017, Fryer Company enters into a contract to supply 600 pastry frying machines to a regional donut retailer. The machines will be delivered at a rate of 25 machines per month over 2 years at a transaction price of $1,000 per machine. The salesperson received a $36,000 sales commission on the date the contract was signed. The journal entry to record the transaction on January 1 will
include a A) debit Prepaid Sales Commissions for $36,000. B) debit Sales Commission Expense for $36,000. C) credit Sales Revenue $600,000. D) credit Sales Revenue $564,000.
The capital account is not
a. increased by additional investments; b. decreased by withdrawals; c. increased by net income for the accounting period; d. decreased by a net loss for the accounting period; e. increased by withdrawals.