Under Rule 10b-5 a company may not have a "no comment" policy, and must act to dispel untrue rumors
a. True
b. False
Indicate whether the statement is true or false
False
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Big Box Store has operated with a 30% average gross profit ratio for a number of years. It had $107,000 in sales during the second quarter of this year. If it began the quarter with $18,700 of inventory at cost and purchased $72,700 of inventory during the quarter, its estimated ending inventory by the gross profit method is:
A. $32,100. B. $18,700. C. $22,470. D. $29,100. E. $16,500.
On May 1, 2018, Plumbing Services issued a long-term note payable for $35,000. The note will be paid over five-years with annual principal payments of $7,000, plus interest, on May 1 of each year beginning on May 1, 2019.
Prepare the journal entry for the issuance of the note. Omit explanation.
If a new partner is to be admitted to a partnership and a bonus is attributed to the old partnership, the bonus should be divided between the capital accounts of the original partners according to their capital balances
Indicate whether the statement is true or false
What happens when merchandise is delivered FOB shipping point?
A. The buyer pays the freight cost. B. The seller pays the freight cost. C. The seller records transportation-out expense. D. The buyer records transportation cost as an expense.