A business would be considered a large company if it has annual sales
A. of at least $500 million.
B. between $500 million and $1 billion.
C. between $1 billion and $5 billion.
D. over $5 billion.
Answer: D
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A company sold $12,000 worth of bicycles with an extended warranty. The company's experience is that warranty expense averages 2% of sales. The current period's entry to record the warranty expense is:
A. Debit Sales Allowances $240; credit Estimated Warranty Liability $240. B. Debit Warranty Expense $240; credit Cash $240. C. Debit Estimated Warranty Liability $240; credit Cash $240. D. Debit Prepaid Warranties $240; credit Warranty Expense $240. E. Debit Warranty Expense $240; credit Estimated Warranty Liability $240.
If Megan intends to offer and believes she is offering for sale to Alexis her RL1500 space heater and Alexis reasonably believes Megan is offering her RL1900 heater and accepts on that belief, a contract has not been formed because there was no agreement as to the subject matter
a. True b. False Indicate whether the statement is true or false
Which of the following questions is more likely to be asked by the firm's managers as opposed to the firm's financial lenders or potential investors?
A) How should we finance firm improvements and investments? B) Should we continue to lend money to this firm? C) Should we buy equity in this firm? D) What are the accounts receivable policies for the firm?
Review the following language exchanged in e-mails:? ? John: "I will buy your Apple phone for $200." Amanda: "I can sell it, but I don't have the box." John: "I will still take it without the box." Amanda: "Okay." ? Answer the following questions based on the exchange. ?Amanda made a conditional acceptance when she responded the first time
Indicate whether the statement is true or false