A recession is a written instrument that gives a creditor an interest in real property being acquired by a debtor as security for the debt's payment.
Answer the following statement true (T) or false (F)
False
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A(n) ________ system is a system designed to track the remaining inventory of an item each time a withdrawal is made to determine whether to replenish the item
Fill in the blanks with correct word
You are considering becoming a franchisee to a popular restaurant chain. Based on what you are reading in the text, please select the most accurate statement from the list below.
a. Franchisees seldom run more than one franchise b. A franchiser grants franchisees the right to engage in offering, selling, or distributing their goods or services under any marketing format c. A franchiser grants franchisees the right to engage in offering, selling, or distributing their goods or services under its marketing format d. Services are seldom provided to franchisees for free and they must adhere to strict guidelines
Which of the following is a disadvantage of providing credit to customers?
A. It increases the cost of selling. B. It delays the receipt of cash. C. It lowers the chances of repeat business. D. It decreases the sales revenue.
Equipment costing $118,000 has accumulated depreciation of $94,000. The equipment is a trade-in for new equipment costing $196,000. If the trade-in value received for the old equipment is $28,000, the journal entry to record this transaction is to:
A) debit Equipment (New) for $196,000, and credit Cash for $196,000. B) debit Equipment (New) for $196,000, debit Accumulated Depreciation – Equipment for $94,000, credit Equipment (Old) for $118,000 and credit Cash for $172,000. C) debit Equipment (New) for $196,000, debit Accumulated Depreciation – Equipment for $94,000, debit Loss on Exchange of Assets for $24,000, credit Equipment (Old) for $118,000, credit Cash for $196,000. D) debit Equipment (New) for $196,000, debit Accumulated Depreciation – Equipment for $94,000, credit Gain on Exchange of Assets for $4,000, credit Equipment (Old) for $118,000 and credit Cash for $168,000.