On November 1, Greenfield Corporation borrowed $55,000 from a bank and signed a 12%, 90-day note payable in the amount of $55,000 . If you assume 360 days in year, the November 30 adjusting entry will be:
a. Debit Interest Expense $550 and credit Cash $550.
b. Debit Discount on Notes Payable $1,100 and credit Interest Payable $1,100.
c. Debit Interest Expense $550 and credit Interest Payable $550.
d. Debit Interest Expense $550 and credit Notes Payable $550.
c
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Which of the following did the authors suggest as a strategy for monitoring the appropriate price for your product?
a. testing the effect of price changes on demand for the product b. lowering the price as sales drop c. adjusting the price relative to the increase or decrease of the cost of goods to produce it d. examining competitor prices
The major difference between international law and national law is that government authorities can enforce national law
Indicate whether the statement is true or false
A minor can act as either a principal or an agent
Indicate whether the statement is true or false
Weston, Inc., produces widgets. To manufacture a new type of widget, it took 20 iterations before the process reached a steady state of 30 hr. If Weston has a 99% learning rate, use the logarithmic approach to calculate the time it took to manufacture the first widget.
A. 32.76 hr B. 31.33 hr C. 31.05 hr D. 28.72 hr