A retailer offers a revolving credit account to its customers; interest is charged at 18 percent per year
If a customer buys $400 in merchandise in November and carries the total balance over for one month, how much must the customer remit to pay the account in full?
a. $400
b. $403
c. $406
d. $409
Ans: a. $400
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Which of the following is an illustration of the classification issue?
A) At what amount should land be shown on the balance sheet? B) At what point should the payment of salaries to employees be recorded? C) Should supplies be recorded as an asset or as an expense? D) At what point should a bill be paid for the purchase of an item?
Depending on the account title, the right side of the account is referred to as the credit side
Indicate whether the statement is true or false
Finch, Inc has bought a new server and is having to decide what to do with the old one. The cost of the old server was originally $60,000 and has been depreciated $45,000. The company has received two offers that it must consider. One offer was made to purchase the equipment outright for $18,500 less a 5% sales commission. The other offer was to lease the equipment for $7,000 for the next five
years but the company will be required to provide maintenance and insurance totaling $3,000 per year. What offer should Finch, Inc accept? A) $2,425 in favor of leasing B) Reject both offers C) $11,500 in favor of selling D) $16,500 in favor of leasing
For the interval estimation of ? when ? is known and the sample is large, the proper distribution to use is the
a. normal distribution. b. t distribution with n degrees of freedom. c. t distribution with n + 1 degrees of freedom. d. t distribution with n - 1 degrees of freedom.