Police power permits states and local governments to enact laws to protect or promote the public health, safety, morals, and general welfare.
Answer the following statement true (T) or false (F)
True
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A computer manufacturer recently shipped several laptops to a customer (cost: $25,000) and billed the customer $30,000. Which of the following options correctly expresses the accounts that are debited and credited to record this transaction?
A. Debits: Accounts Receivable, Cost of Goods Sold; credits: Sales Revenue, Finished-Goods Inventory. B. Debits: Sales Revenue, Cost of Goods Sold; credits: Accounts Receivable, Finished-Goods Inventory. C. Debits: Accounts Receivable, Finished-Goods Inventory; credits: Sales Revenue, Cost of Goods Sold. D. Debits: Sales Revenue, Finished-Goods Inventory; credits: Accounts Receivable, Cost of Goods Sold. E. Debits: Accounts Receivable; credits: Finished-Goods Inventory, Profit on Sale.
As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000 and $150,000. 20% of each months sales are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the total cash collected (both
from accounts receivable and for cash sales) in the month of February? A) $129,600 B) $62,400 C) $133,600 D) $91,200
The Uniform Computer Information Transactions Act requires licensors to make warranties
Indicate whether the statement is true or false
The common defense available in a Section 11 action of the Securities Act of 1933 is:
A) The private placement defense. B) The reasonable person defense. C) The de facto compliance defense. D) The no injury to plaintiff defense. E) The due diligence defense.