A cash payment that reduces a liability does not result in an expense
Indicate whether the statement is true or false
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Lee Carter Inc forecast of sales is as follows: July, $50,000; August, $80,000; September, $150,000. Sales are normally 75 percent cash and 25 percent credit. Credit sales are collected in full in the following month. Merchandise cost averages 70 percent of sales price. The company desires an inventory as of September 30 of $50,000. The inventory as of June 30 was $30,000. The accounts receivable
had zero balance on June 30. The July 31 balance of accounts receivable of Lee Carter will be A) $12,500. B) $20,000. C) $27,500. D) $42,500.
Loans that are considered high-risk because of a lack of capital, a high debt-to-asset ratio, or a blemished credit history are referred to as:
a. venture capital loans. b. subprime loans. c. debt capital loans. d. equity capital loans.
Michard Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations:a.The budgeted selling price per unit is $125. Budgeted unit sales for April, May, June, and July are 7,600, 10,500, 13,800, and 12,900 units, respectively. All sales are on credit. b.Regarding credit sales, 20% are collected in the month of the sale and 80% in the following month. c.The ending finished goods inventory equals 20% of the following month's sales. d.The ending raw materials inventory equals 30% of the following month's raw materials production needs. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.00 per pound. e.Regarding raw materials purchases, 30% are paid for in the month
of purchase and 70% in the following month. f.The direct labor wage rate is $25.00 per hour. Each unit of finished goods requires 3.0 direct labor-hours. g.The variable selling and administrative expense per unit sold is $3.40. The fixed selling and administrative expense per month is $80,000. The budgeted required production for May is closest to: A. 13,260 units B. 11,160 units C. 15,360 units D. 10,500 units
The simplest way to reference a DHTML element is by its ________ attribute
a) NAME b) ID c) PROPERTY d) OBJECT