Stakeholder theory is an understanding of how business works when it:
A. takes into account all identifiable interest holders.
B. rejects the importance of the bottom line.
C. takes into account culture and environmentalism.
D. emphasizes planning.
Answer: A
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In its first year of business, Borden Corporation had sales of $2,040,000 and cost of goods sold of $1,220,000. Borden expects returns in the following year to equal 7% of sales. The adjusting entry or entries to record the expected sales returns is (are):
A.
| Sales Returns and Allowances | 142,800? | |
| Sales Refund Payable | 142,800? | |
| Inventory Returns Estimated | 85,400? | |
| Cost of Goods Sold | 85,400? |
B.
| Sales Refund Payable | 142,800? | |
| Accounts Receivable | 142,800? |
C.
| Sales | 2,040,000? | |
| Sales Refund Payable | 142,800? | |
| Accounts Receivable | 1,897,200? |
D.
| Sales Returns and Allowances | 142,800? | |
| Sales | 142,800? | |
| Cost of Goods Sold | 85,400? | |
| Inventory Returns Estimated | 85,400? |
E.
| Accounts Receivable | 2,040,000? | |
| Sales | 2,040,000? |
Discounts taken by the buyer for early payment of an invoice are credited to Cash Discounts by the buyer
Indicate whether the statement is true or false
When operating income is divided by sales to produce a measure of profitability, this is referred to as:
a. horizontal analysis. b. ratio analysis. c. percentage analysis. d. Both a and b answers are correct. e. Both b and c answers are correct.
A promissory note that is payable "on the date of my marriage" is nonnegotiable even if the maker of the note marries
Indicate whether the statement is true or false