1. $7,000 of merchandise inventory was ordered on September 2, 2009 2. $3,000 of this merchandise was received on September 5, 2009 3. On September 6, 2009, an invoice dated September 4, 2009, with terms of 3/10, net 30 for $3,250 which included a $250 prepaid freight cost, was received. 4. On September 10, 2009, $800 of the merchandise was returned to the seller. Based on the above information,
what would be recorded as the cash payment if the invoice is paid within the discount period?
A) $2,200
B) $2,134
C) $2,450
D) $2,384
D
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Which of the following represents a basic stakeholder of an organization?
a. The account receivable clerk of the organization b. A vice president of the organization c. A line supervisor of the organization d. All of these choices
An accountant who blows the whistle on financial wrongdoing by his/her employer by going outside the entity violates:
A. One's reliability obligation B. The due care principle C. Confidentiality D. Public interest obligation
A high level of product availability requires
A) large inventories and tends to raise costs for the supply chain. B) large inventories and tends to reduce costs for the supply chain. C) small inventories and tends to raise costs for the supply chain. D) small inventories and tends to reduce costs for the supply chain.
Lawes Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During July, the company budgeted for 5,000 units, but its actual level of activity was 5,050 units. The company has provided the following data concerning the formulas to be used in its budgeting: Fixed element per monthVariable element per unitRevenue - $34.70 Direct labor$0 $6.00Direct materials 0 13.20Manufacturing overhead 31,000 1.90Selling and administrative expenses 20,300 0.10Total expenses$51,300 $21.20?The direct labor in the planning budget for July would be closest to:
A. $30,000 B. $30,880 C. $30,300 D. $30,574