A retailer is a sales intermediary, a seller that operates between manufacturers and customers
Indicate whether the statement is true or false
TRUE
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Which inventory costing method results in the highest inventory balance during a period of rising prices?
a. LIFO b. Weighted average cost c. FIFO d. Both FIFO and LIFO result in the same inventory balance
Answer the following statements true (T) or false (F)
1.Import quotas can yield revenue for the domestic government if it auctions import licenses to the highest bidder in a competitive market. 2.To the extent that domestic importing companies organize as a monopoly buyer, and foreign exporting companies behave as competitive sellers, the importing companies capture the revenue effect of a quota. 3.An import quota tends to reduce the overall welfare of the importing nation by an amount equal to the protective effect, consumption effect, and the portion of the revenue effect that is captured by the domestic government. 4.The sugar import quotas of the U.S. government have tended to increase the market price of sugar, thus reducing the costs to the government of maintaining sugar price supports for domestic growers. 5.During periods of growing demand, a tariff more effectively restricts the volume of imports than an equivalent import quota.
A starting point for substantive tests of details on debt obligations is to have the client provide a cash flow statement
a. True b. False Indicate whether the statement is true or false
On May 1, 2010, Stanton Company purchased $50,000 of Harris Company's 12% bonds at 100 plus accrued interest of $2,000. On June 30, 2010, Stanton received its first semiannual interest. On February 1, 2011, Stanton sold $40,000 of the bonds at 103 plus accrued interest. The journal entry Stanton will record on February 1, 2011, will include:
A) a credit to Interest Revenue for $1,200. B) a credit to Gain on Sale of Investments for $1,200. C) a debit to Cash for $41,200. D) a credit to Interest Receivable for $500.