The banker's acceptance is:
a. a negotiable instrument.
b. a short-term financing device.
c. a time draft drawn on and accepted by a commercial bank.
d. All of the above
d
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Dots or hyphens that are used to impart uniformity and improve readability of a table are called stubs
Indicate whether the statement is true or false
Use the following selected information from Wheeler, LLC to determine the 2018 and 2017 trend percentages for cost of goods sold using 2017 as the base. 2018 2017 Net sales$279,700? $232,100? Cost of goods sold 151,200? 130,290? Operating expenses 54,540? 52,540? Net earnings 28,720? 20,520?
A. 66.2% for 2018 and 64.6% for 2017. B. 116.0% for 2018 and 100.0% for 2017. C. 54.1% for 2018 and 56.1% for 2017. D. 120.5% for 2018 and 100.0% for 2017. E. 36.1% for 2018 and 40.3% for 2017.
The Statutory Close Corporation Supplement has relaxed most of the nonessential corporate formalities
a. True b. False Indicate whether the statement is true or false
Shimko Corporation's most recent comparative balance sheet and income statement appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$37 $32 Accounts receivable 34 32 Inventory 59 55 Property, plant and equipment 447 390 Less accumulated depreciation 212 188 Total assets$ 365 $ 321 Liabilities and stockholders' equity: Accounts payable$37 $32 Bonds payable 217 270 Common stock 21 20 Retained earnings 90 (1)Total liabilities and equity$ 365 $ 321 Income StatementSales$ 891Cost of goods sold 539Gross margin352Selling and administrative expense 195Net operating income157Income taxes 47Net income$ 110The company paid a cash dividend of $19 and it did not dispose
of any property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.The net cash provided by (used in) financing activities for the year was: A. $(53) B. $(71) C. $1 D. $(19)