The goal of this scheme was to create a uniform system of commercial law among all 50 states:
A) Model Commercial Code.
B) Uniform Commercial Code.
C) Uniform Contract Code.
D) Model Contract Code.
B
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What are the different internal factors that affect a firm's pricing decisions?
What will be an ideal response?
A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, The correct journal entry to record the purchase on July 5 is:
A. Debit Accounts Payable $1,800; credit Merchandise Inventory $1,800. B. Debit Merchandise Inventory $1,800; credit Sales Returns $200; credit Cash $1,600. C. Debit Accounts Payable $1,800; credit Purchase Returns $200; credit Merchandise Inventory $1,600. D. Debit Merchandise Inventory $1,800; credit Accounts Payable $1,800. E. Debit Merchandise Inventory $1,600; credit Cash $1,600.
Drawings in a document
a. can show precise details b. are never as effective as photographs c. can be used to show a procedure d. both a and c
What is the new profit margin with a 15-percent reduction in the cost of goods and materials purchased, assuming sales and other costs remain unchanged?
A retailer operating a network of home improvement stores has annual sales of $800 million, annual cost of goods and materials purchased of $500 million, and net income of $125 million. A) 10% B) 15% C) 20% D) 25%