The current time bucket lies in which time fence?
a. frozen
b. slushy
c. flexible
d. none of these
a. frozen
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Kirk purchases a sailboat on credit from Lakefront Sales, and Lakefront keeps a security interest in the boat. Lakefront then assigns the security interest to First Finance Co Explain what having a security interest means. Under the UCC, what defenses can Kirk assert against First Finance?
The practice of deciding court cases by referring to earlier decisions is known as:
a. statutory decisions b. E pluribus unum c. Curia Regis d. stare decisis e. lex mercatoria
Answer the following statements true (T) or false (F)
1. Departmental salary expenses are direct expenses of that department. 2. The concepts of direct expenses and uncontrollable costs are essentially the same; also, indirect expenses and controllable costs are essentially the same. 3. The number of hours that a department uses equipment and machinery is a reasonable basis for allocating depreciation. 4. Direct expenses are costs readily traced to a department because they are incurred for that department's sole benefit. 5. Advertising expense can be reasonably allocated to departments on the basis of each department's proportion of sales.
Information from the records of the Navaho Industries for the month of July is as follows: Purchases of direct materials$24,000 Indirect labor 6,500 Direct labor 13,200 Depreciation on factory machinery 3,600 Sales 75,300 Selling and administrative expenses 8,900 Rent on factory building 8,400 Inventories:July 1July 31Direct materials$8,000 $6,700 Work-in-process 1,100 1,600 Finished goods 9,000 6,800 Required:(a) Prepare a statement of cost of goods manufactured and sold for the month of July.(b) Prepare a gross margin income statement for the month of July.
What will be an ideal response?