Debt collectors who use a prohibited debt-collection tactic are exempt from liability if they can show that the debtor used misrepresentation in assuming the debt.
Answer the following statement true (T) or false (F)
False
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The Supplies account had a $720 debit balance at the end of the accounting period before adjustment for supplies used, and an inventory of $160 of unused supplies was on hand. Which of the following is the required adjusting entry?
A) Debit Supplies Expense $160 and credit Supplies $160. B) Debit Supplies Expense $560 and credit Supplies $560. C) Debit Supplies $160 and credit Supplies Expense $160. D) Debit Supplies $560 and credit Supplies Expense $560.
Musik Corporation uses a 140% markup on total cost and recently computed a selling price of $1,560 for a particular product. On the basis of this information, the product's total cost is:
A. $910.00. B. $2,184.00. C. $1,114.29. D. $650.00. E. None of the answers is correct.
Who pays the costs of creating a sponsored ADR?
A) the foreign firm whose stocks underlie the ADR B) the U.S. bank creating the ADR C) both the U.S. bank and the foreign firm D) the SEC since they require the regulation
Neef Corporation has provided the following data for its two most recent years of operation: Selling price per unit$84Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials$12Direct labor$5Variable manufacturing overhead$4Fixed manufacturing overhead per year$432,000 Selling and administrative expenses: Variable selling and administrative expense per unit sold$5Fixed selling and administrative expense per year$61,000 Year 1 Year 2Units in beginning inventory0 3,000Units produced12,000 9,000Units sold9,000 10,000Units in ending inventory3,000 2,0000 The net operating income (loss) under variable costing in Year 2 is closest to:
A. $75,000 B. $630,000 C. $580,000 D. $87,000