The type of merchandiser who purchases goods from the producer and sells them to retailers that sell them to the consumer is a:
a. Manufacturer.
b. Retailer.
c. Wholesaler.
d. Service business.
c
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With reference to the impact of unions on company performance, it can be said that companies wishing to become more competitive must
A. prohibit unions. B. deny collective bargaining rights to their employees. C. actively encourage unions. D. continually monitor their labor relations strategy. E. pay workers well above market rates.
Equipment with an original cost of $75,000 and accumulated depreciation of $40,000 is sold for $28,000 . The entry to record the sale includes a
a. debit to Accumulated Depreciation, $28,000; b. credit to Gain on Sale of Equipment, $7,000; c. debit to Cash, $40,000; d. all of these; e. none of these.
Feathertouch Company sold merchandize worth $800 on credit, terms n/15 and on the next day the customer returned merchandize worth $50, which cost $30 for Feathertouch company. What is the required journal entry to record the merchandize returns under the perpetual inventory system?
a. Accounts Receivables 50 Sales Returns and Allowances 50 Cost of Goods Sold 30 Merchandize Inventory 30 b. Sales Returns and Allowances 50 Accounts Receivables 50 Merchandize Inventory 30 Cost of Goods Sold 30 c. Accounts Receivables 50 Merchandize Inventory 50 Cost of Goods Sold 30 Sales 30 d. Merchandize Inventory 50 Sales 50 Sales 30 Cost of Goods Sold 30
The one-year rule states that an executory contract that cannot be performed by its own terms within one year of its formation must be in writing.
Answer the following statement true (T) or false (F)