Factoring is the process of selling accounts ________ for cash
A) general
B) loanable
C) payable
D) receivable
E) collateral
D
Explanation: D) Factoring is the process of selling accounts receivable for cash. A finance company pays a business money in exchange for a business's accounts receivable, and the finance company will keep the money that is owed on those accounts as it is received. The finance company pays the value of the accounts receivable to the company selling them, less a fee.
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Merry Company uses the cash basis of accounting. Merry Company made $600,000 in payments to its suppliers during the year. Merry's beginning inventory was $20,000, and its ending inventory was $35,000. In addition, Merry had a beginning accounts payable of $40,000 and an ending accounts payable of $70,000. What is Merry's cost of goods sold under the accrual basis of accounting?
A) $585,000 B) $600,000 C) $615,000 D) $625,000
Federal trademark protection:
a. lasts for ten years after registration. b. can be renewed an unlimited number of times. c. can be abandoned by non-use. d. All of these.
The journal entry to record the declaration of dividends on common stock includes a debit to either Dividends or Retained Earnings and a credit to Common Dividend Payable.
Answer the following statement true (T) or false (F)
When Joe Coulombe designed his chain of grocery stores, Trader Joe's, he decided he wanted to attract well-educated, adventurous, particular shoppers, which became his company's
A. target market. B. segmentation variable. C. marketing mix. D. advertising mix. E. product concept.