A purchase discount is the amount offered to the purchaser for delaying the payment to the seller
Indicate whether the statement is true or false
FALSE
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Important, difficult decisions tend to be nonprogrammed, and they demand creative approaches.
Answer the following statement true (T) or false (F)
Which of the following is true of a general partnership?
A. A business must generate a profit in order to qualify as a general partnership. B. The general partners need not be the co-owners of the business. C. A general partnership may be formed with little or no formality. D. Charity organizations and schools are usually formed as general partnerships.
In Gieseke v. IDCA, Gieseke formed a company to compete with his old employer and worked with one of the former owners of his old employer in the new company. His former employer moved some of the equipment of the new company and changed its mailing address without permission of Gieseke or his partner. When Gieseke sued his former employer the courts held that the former employer:
a. was not liable in tort as its actions did not go beyond "normal business activities" b. was not liable as Gieseke was not properly licensedy c. was liable for criminal intent to misappropriate Gieseke's property d. was liable for breach of the "presumption of goodwill" in business relations e. none of the other choices are correct
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue$ 57,700 Cash 51,353? Accounts Receivable 8375? Interest Expense 2516? Accounts Payable 5470? Operating Expenses 46,737? Deferred Revenue 1460? Equipment 22,503? Income Tax Expense 2885??The following activities occurred in 2019: 1. Performed advertising services on account, $68,250.2. Received cash payments on account, $13,200.3. Received deposits from customers for advertising services to be performed in 2020, $4400.4. Made payments to suppliers on account, $5470.5. Incurred $55,850 of operating expenses; $48,400 was paid in cash and $7450 was on account and unpaid as
of the end of the year.What is the balance in the Cash account at December 31, 2019? A. $59,083 B. $51,353 C. $56,729 D. $15,083