Answer the following statements true (T) or false (F)
1. A note payable can be classified either as a long-term liability or a short-term liability, depending on the discretion of the accountant.
2. An amortization schedule details each loan payment's allocation between principal as well as interest and the beginning and ending balances of the loan.
3. A mortgage payable is a long-term debt that is backed with a security interest in specific property.
4. The difference between mortgages payable and notes payable is that notes payable are always secured by specific assets.
5. Installment payments for mortgages generally contain both an amount for principal repayment and an amount for interest.
1. FALSE
2. TRUE
3. TRUE
4. FALSE - Explanation: Mortgages payable are a type of long-term notes payable that are secured with
specific assets.
5. TRUE
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Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000 . If Sawaddee total liabilities increased by $31,000 and its owners' equity decreased by $53,000 during the year, what was the amount of its total assets at the end of the year?
a. $472,000 b. $242,000 c. $198,000 d. $428,000
Melody Company sells a product for $14, variable costs are $10 per unit, and total fixed costs are $5,040. What is the breakeven point in units?
A) 640 B) 1,260 C) 210 D) 360 E) 504
When there are personality clashes between team members, effective team building would involve:
a. getting rid of one or both of the members. b. helping team discuss expectations to negotiate an agreement between conflicting members. c. referring members to therapy. d. breaking up the team.
Dylan is interested in determining how customers consider his firm's dietary products compared with its competitors. He begins surveying customers and asking them to state what they think about the products and brands in the dietary industry based on the dimensions of effectiveness and affordability. He will use this feedback to create "ideal points" for what consumers desire in dietary products. He will then compare these "ideal points" with his firm's products as well as other brands in the industry to see how they measure up. Dylan is engaging in
A. brand management. B. perceptual mapping. C. product repositioning. D. product modification. E. product differentiation.