Either the gross method or net method may be used to record sales with cash discounts, but the net method requires a period-end adjusting entry to estimate expected future sales discounts taken.
Answer the following statement true (T) or false (F)
False
You might also like to view...
The challenge for makers of which type of product is to add long-run benefits without reducing the product's desirable qualities?
A) salutary product B) desirable product C) pleasing product D) durable product E) deficient product
Hermine Company wrote off an $700 uncollectible account receivable against the allowance for doubtful accounts with a balance of $2,000 . The current ratio after the write-off of the uncollectible account
a. would be less than before the write-off of the account. b. would be greater than before the write-off of the account. c. would be the same as before the write-off of the account. d. cannot be determined with the information given.
Which of the following investments has a larger future value: A $100 investment earning 10% per year for 5 years or a $100 investment earning 5% per year for 10 years?
A) An investment of $100 invested at 10% per year for 5 years because it has a future value of $161.05. B) An investment of $100 invested at 10% per year for 5 years because it has a future value of $162.89. C) An investment of $100 invested at 5% per year for 10 years because it has a future value of $161.05. D) An investment of $100 invested at 5% per year for 10 years because it has a future value of $162.89.
The difference between common and preferred stock is that the latter is a debt instrument, whereas the former represents an equity interest in the company
Indicate whether the statement is true or false