Silvermark Enterprises The following information is from Silvermark's 2012 accounting records. Gross purchases $201,000 Transportation-in 8,000 Inventory, January 1, 2012 26,500 Inventory, December 31, 2012 28,100 Purchase returns and allowances 9,000 Refer to the information provided for Silvermark Enterprises. Using the cost of goods sold model, how much will Silvermark report as its cost of
goods sold in its 2012 income statement?
A) $193,600
B) $198,400
C) $185,600
D) $190,400
B
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One of the most successful publishing firms in college textbook history was started when Richard D. Irwin saw, while reading the U.S. Statistical Abstract, the rapid rise in college of business enrollments following World War II
This success was a result of Irwin recognizing: A) a failure to meet an objective B) a "symptom" as an opportunity C) a "symptom" of data analysis D) an environmental opportunity E) a "signal symptom"
A disadvantage of a sole proprietorship is the fact that the owner has ________.
Fill in the blank(s) with the appropriate word(s).
On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is:
A.
| Cash | 5,684 | |
| Sales discounts | 116 | |
| Accounts receivable | 5,800 |
B.
| Cash | 5,684 | |
| Accounts receivable | 5,684 |
C.
| Cash | 5,194 | |
| Sales discounts | 106 | |
| Accounts receivable | 5,300 |
D.
| Cash | 4,000 | |
| Accounts receivable | 4,000 |
E.
| Cash | 5,800 | |
| Accounts receivable | 5,800 |
Nell gives Big Al $50 in return for Al's promise to defame Sara. Nell hopes to ruin Sara's chances at a promotion. Nell finds out that Al did not hold up his end of the agreement. Which of the following statements is true?
a. Nell can get the money back and force Al to do as he promised. b. Nell can get the money back from Al through litigation. c. Nell can force Al to act through an appeal to the courts, but Al gets to keep the $50. d. Legally, Nell can neither get the money back nor force Al to do as he promised.