Nella offers to sell her crop of strawberries, which have just been picked, to Morgan's Market. Since she does not specify a time limit for acceptance, Morgan's can accept the offer the following week, as long as Nella has not revoked it.
a. true
b. false
b. false
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Which of the following persons is a vendor who forms an alliance with a retailer to help gain consumer insight, satisfy customer needs, and improve performance and profit across a category?
A. Category captain B. Consumer advocate C. Category specialist D. Assortment supervisor E. Category manager
After data is entered into the system, it is processed. Processing control exists to make sure that the correct things happen during processing. Discuss processing controls
On January 1, 2018, Riley Corp. acquired some of the outstanding bonds of one of its subsidiaries. The bonds had a carrying value of $421,620, and Riley paid $401,937 for them. How should you account for the difference between the carrying value and the purchase price in the consolidated financial statements for 2018?
A. The difference is deducted from the carrying value of the debt. B. The difference is treated as a gain from the extinguishment of the debt. C. The difference is added to the carrying value of the debt. D. The difference does not influence the consolidated financial statements. E. The difference is treated as a loss from the extinguishment of the debt.
The Jessica Co. has the following errors on its books as of December 31, 2018. The books for 2018 have not yet been closed. a.On January 1, 2016, a machine had been purchased for $6,500. The machine had an estimated life of five years, but it was expensed in error. Straight-line depreciation with no salvage value should have been used.b.On January 1, 2017, the company bought a four-year insurance policy for $800 and immediately charged the full premium to expense.? Required:Prepare journal entries to correct these errors on December 31, 2018. Ignore income taxes.
What will be an ideal response?