All long-term liabilities eventually become current liabilities
Indicate whether the statement is true or false
True
You might also like to view...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $211,500. The following additional information is also available:? Plunkett sold and shipped goods costing $37,300 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $211,500. ? Plunkett purchased goods costing $43,300 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $211,500. ? Plunkett's ending inventory balance of $211,500 included $14,300 of goods being held on consignment from Carole
Company. (Plunkett Company is the consignee.) ? Plunkett's ending inventory balance of $211,500 did not include goods costing $94,300 that were shipped to Plunkett on December 27 with shipping terms of FOB destination and were still in transit at year-end. Based on the above information, the amount that Plunkett should report in ending inventory on December 31 is: A. $205,500 B. $197,200 C. $191,200 D. $168,200 E. $153,900
In preparing a retail method of accounting worksheet, your accountant has provided you with the following data:
December 1, 20XX - December 31, 20YY At Cost At Retail Beginning inventory $ 70,000 135,000 Net purchases 650,000 1,300,000 Additional markups --- 100,000 Transportation charges 12,000 --- What is the correct cost complement? a. .48 b. .50 c. .52 d. 2.1
When a business pledges its accounts receivable, it transfers the right to collect cash from customers to the bank
Indicate whether the statement is true or false
Developing a relationship on the first visit is becoming increasingly important in the _____________ stage of the personal selling process.
A. prospecting B. preapproach C. approach D. making the presentation E. overcoming objections