In a unilateral contract, a promise is exchanged for an act or forbearance to act
a. True
b. False
Indicate whether the statement is true or false
True
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Interest payments on loans are reported as cash outflows under operating activities
Indicate whether the statement is true or false
When a party commits an anticipatory breach, the nonbreaching party ________
A) must wait until the performance was due before suing B) is immediately discharged from his or her own duties C) cannot seek damages because he or she received advance notice of the breach D) loses his or her right to sue after the due date for performance is reached
On June 1, Delaware Co. had one unit in beginning inventory that cost $10.00. During June, Delaware paid cash to purchase two additional inventory items. Delaware purchased the first item for cash at a cost of $10.00, and the second at a cost of $12.00. Delaware Co. sold two inventory items for $24.00 each, receiving cash.
Based on this information alone, indicate whether each of the following items is true or false. a) The amount of ending inventory will be $10 assuming the LIFO cost flow method was used. b) Cost of goods sold would be $24 assuming the weighted-average cost flow method was used. c) Cash flow from operating activities in June would be $28 assuming a FIFO cost flow method was used. d) Cash flow from operating activities in June would be $26independent of what cost flow method was used. e) The amount of gross margin would be $26 assuming the FIFO cost flow method was used.
A merchandiser purchased inventory on account for $10,000. Under the periodic inventory system, the journal entry to record the purchase would include ________
A) a debit to Purchases for $10,000 and a credit to Accounts Payable for $10,000 B) a debit to Accounts Payable for $10,000 and a credit to Purchases for $10,000 C) a debit to Merchandise Inventory for $10,000 and a credit to Accounts Payable for $10,000 D) a debit to Accounts Payable for $10,000 and a credit to Merchandise Inventory for $10,000