In a perpetual inventory system, the inventory accounts reflect ending balances.
Answer the following statement true (T) or false (F)
True
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Merchandise is sold for cash. The selling price of the merchandise is $3,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include
A) A debit to Cash for $3,000. B) A credit to Sales for $3,210. C) A credit to Sales Tax Payable for $210. D) None of the above.
A valid gift requires a
a. delivery of the gift. b. an intention to make it. c. recording the gift in a public office. d. both a and b.
Use interest rate parity to answer this question. A U.S. investor has a choice between a risk-free one-year U.S. security with an annual return of 4%, and a comparable British security with a return of 5%
If the spot rate is $1.43/£, the forward rate is $1.44/£, and there are no transaction costs, the investor should invest in the U.S. security. Indicate whether the statement is true or false.
All of the following are true about a stationary time series except
a. Its statistical properties are independent of time. b. A plot of the series will always exhibit a horizontal pattern. c. The process generating the data has a constant mean d. There is no variability in the time series over time.