Your bookkeeper is off for the day and you are trying to figure out what her last entry in the journal could be for. Unfortunately, she only recorded the debit side of the transaction as $4,400 to Accounts Payable. It is possible that this debit could correspond to:
a. A purchase of equipment costing $4,400 on credit.
b. A payment of $4,400 to a supplier to settle a balance due.
c. A $4,400 sale to a customer.
d. A $4,400 issuance of the company's capital stock.
b
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Mechanical, personal, or neuromarketing methods are ways that ________ data can be collected.
A. observational B. statistical C. primary source D. virtual E. hypothetical
Avanti purchases inventory from overseas and incurs the following costs: the merchandise cost is $50,000, credit terms 2/10, n/30 that apply only to the $50,000; FOB shipping point freight charges are $1,500; insurance during transit is $500; and import duties are $1,000. Avanti paid within the discount period and incurred additional costs of $1,200 for advertising and $5,000 for sales commissions. Compute the cost that should be assigned to the inventory.
A. $50,000 B. $53,200 C. $51,500 D. $53,000 E. $52,000
What is a decline in the value of an asset called?
A. inflation B. deflation C. amortization D. depreciation
Biggers Company expects the following results for the next accounting period: Sales $240,000 Variable costs $135,000 Fixed costs $40,000 Expected production and sales in units 3,000 The sales manager believes sales could be increased by 400 units if advertising expenditures were increased by $10,000. If advertising expenditures are increased and sales increase by 400 units, the effect on
operating income will be a A) decrease of $4,000 B) increase of $4,000 C) increase of $22,000 D) increase of $30,000 E) cannot be determined from data given