Corporations must divide their deductions between deductions for and deductions from AGI.
Answer the following statement true (T) or false (F)
False
The AGI concept applies only to individuals.
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The __________________________ describes every data element in the database
Fill in the blank(s) with correct word
Each customer entering a department store will either buy or not buy some merchandise. An experiment consists of following 3 customers and determining whether or not they purchase any merchandise. How many sample points exist in the above experiment? (Note that each customer is either a purchaser or non-purchaser.)
A. 3 B. 6 C. 8 D. 9
The breakeven point is the point at which
a. fixed costs equal variable costs. b. contribution margin equals fixed costs. c. sales equal variable costs. d. fixed costs equal sales.
On July 1, Ferguson Company sold merchandise in the amount of $5,800 to Tracey Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Ferguson uses the perpetual inventory system and the gross method. On July 5, Tracey returns some of the merchandise, which is not defective. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Ferguson must make on July 5 is:
A.
| Accounts receivable | 500 | |
| Sales returns and allowances | 500 |
B.
| Accounts receivable | 500 | |
| Sales returns and allowances | 500 | |
| Cost of goods sold | 350 | |
| Merchandise inventory | 350 |
C.
| Sales returns and allowances | 500 | |
| Accounts receivable | 500 | |
| Merchandise inventory | 350 | |
| Cost of goods sold | 350 |
D.
| Sales returns and allowances | 500 | |
| Accounts receivable | 500 |
E.
| Sales returns and allowances | 350 | |
| Accounts receivable | 350 |