Before the explosion of the Internet, nonstore retailing did not exist
Indicate whether the statement is true or false.
Answer: FALSE
Explanation: Although the Internet has vastly expanded the possibilities of nonstore retailing, it has existed in many different forms for many years. Examples include door-to-door selling, vending machines, and house-party selling.
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Answer the following statement true (T) or false (F)
An auditor selects a sample from the file of shipping documents to determine whether invoices were prepared. This test is performed to assess the assertion of:
A. occurrence. B. completeness. C. authorization and accuracy. D. cutoff.
Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for direct material usage is: Direct materials used$87,000 Direct labor used 160,000 Predetermined overhead rate (based on direct labor) 155%Goods transferred to finished goods 432,000 Cost of goods sold 444,000 Credit sales 810,000
A. Debit Work in Process Inventory $87,000; credit Raw Materials Inventory $87,000. B. Debit Work in Process Inventory $87,000; credit Cost of Goods Sold $87,000. C. Debit Raw Materials Inventory $87,000; credit Finished Goods Inventory $87,000. D. Debit Cost of Goods Sold $87,000; credit Finished Goods Inventory $87,000. E. Debit Raw Materials Inventory $87,000; credit Accounts Payable $87,000.
A company's fixed interest expense is $8,000, its income before interest expense and income taxes is $32,000. Its net income is $9,600. The company's times interest earned ratio equals:
A. 4.0. B. 0.83. C. 0.25. D. 0.30. E. 3.33.