Which is NOT a characteristic of perfect competition?
a. There are many sellers.
b. There are few buyers.
c. The products offered are homogenous.
d. There is easy entry into the market.
b
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The data presented below for Pharma Corp is for the year ended December 31, 2015: Sales (100% on credit) $1,400,000 Sales returns 30,000 Accounts Receivable (December 31, 2015) 170,000 Allowance for Doubtful Accounts [Cr. Balance] (Before adjustment at December 31, 2015) 1,300 Estimated amount of uncollectible accounts based on aging analysis 14,000 See the data for Pharma Corp If Pharma Corpuses
the aging of accounts receivable approach to estimate its bad debts, what will be the net realizable value of its accounts receivable after the adjustment for bad debt expense? a. $140,000 b. $156,000 c. $167,000 d. $184,000
A constructive obligation is a promise in a contract with a customer to transfer goods or services
Indicate whether the statement is true or false
The expenses incurred by an accounting firm would appear on its balance sheet
Indicate whether the statement is true or false
Uncle's Caps, Inc, a merchandising company, has provided the following budgeted amounts for the next budget period
Beginning cash balance $30,400 Cash collections 683,000 Payments for: Purchases of merchandise inventory 349,400 Selling and administrative expenses 70,700 Capital expenditures 88,600 A minimum cash balance of $250,000 is required to be maintained. The company can borrow in increments of $10,000 as and when required. Assume the company can borrow the needed funds at the end of the period. Calculate the ending cash balance for the budget period. A) $713,400 B) $254,700 C) $204,700 D) $733,000