The gross margin ratio is defined as gross margin divided by net sales.
Answer the following statement true (T) or false (F)
True
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If the direct method is used to prepare a statement of cash flows, credit sales may not automatically create a cash inflow because
A) some receivables may be uncollectible. B) sales from a prior period may be collected in the current period. C) sales from the current period may be collected in a future period. D) All of these choices.
James promises to pay Brooke $2,500 if she does not sue him for negligently injuring her in a bicycle accident. If Brooke does not sue, James's promise to pay is binding because it is supported by consideration
a. True b. False Indicate whether the statement is true or false
Benjamin Corporation is a shipping container refurbishment company that measures its output by the number of containers refurbished. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes. Fixed Element per MonthVariable Element per Container RefurbishedRevenue $5,400Employee salaries and wages$58,300 $1,000Refurbishing materials $700Other expenses$31,200 When the company prepared its planning budget at the beginning of March, it assumed that 26 containers would have been refurbished. However, 23 containers were actually refurbished during March.The amount shown for "Other expenses" in the planning budget for March would have been closest to:
A. $30,600 B. $31,200 C. $30,900 D. $34,591
In a strict liability case, the courts still consider if the defendant acted in a reasonable and prudent manner.
Answer the following statement true (T) or false (F)