The accounting equation for Long Company shows an increase in its assets and an increase in its liabilities. Which of the following transactions could have caused that effect?
A) Cash was received from providing services to a customer.
B) Cash was received as a stockholder investment.
C) Equipment was purchased on credit.
D) Supplies were purchased for cash.
E) Advertising expense for the month was paid in cash.
C) Equipment was purchased on credit.
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A chronological history of the chain of title and encumbrances affecting a parcel of real property
is known as: A) An abstract of title. B) A certificate of title. C) A Torrens certificate. D) Title insurance.
What is the first step in the markup chain?
A. selecting the appropriate cost per unit B. selecting the appropriate markup percentage C. calculating the stockturn rate D. selecting the appropriate cost for the raw materials E. identifying the appropriate wholesaler
What is meant by concentration risk?
What will be an ideal response?
[The following information applies to the questions displayed below.]On August 1, Year 1, Jackson Company issued a one-year $80,000 face value interest-bearing note with a stated interest rate of 9% to Galaxy Bank. Jackson accrues interest expense on December 31, Year 1, its calendar year-end.What is the amount of interest expense and the cash outflow for interest during the year ending December 31, Year 1?Interest ExpenseCash Outflow
A.
| $7,200 | $7,200 |
B.
| $7,200 | $0 |
C.
| $3,000 | $3,000 |
D.
| $3,000 | $0 |