Apple iPhoneApple Inc. iPhone went on sale on June 29, 2007. Apple's loyal and enthusiastic customer base is known for rushing to purchase its new products and the iPhone enjoyed a tremendous amount of "buzz" before its introduction. As expected, the iPhone entered the market at what many believed to be a high price ($599). However, within weeks the price was reduced to $399. By the end of 2007 over 8 million iPhones had sold in the U.S. marketplace. By most, if not all measures, the original iPhone was a huge success for Apple and it exclusive U.S. carrier AT&T.On July 11th, 2008, Apple Inc. released the iPhone 3G, which it advertised as twice as fast as the original iPhone for half the cost. However, in order to obtain an iPhone at the new price of $199, buyers had to agree to a
two-year service contract with AT&T. This allows iPhone users to receive phone calls and email, and search the web on the same device. A single charge of $59.99 from AT&T included 450 minutes of cellular calls, with free nights and weekend minutes, unlimited data, visual voicemail, 200 text messages, rollover minutes, and unlimited mobile-to-mobile service within the AT&T network. This approach succeeded and over a million iPhone 3Gs were sold during the introductory weekend.Refer to Apple iPhone. Best Buy also carries the iPhone. If Best Buy, AT&T, and Apple meet to agree on a price for the iPhone, it could be said that _____ has occurred.
A. price fixing
B. retail price maintenance
C. price discrimination
D. penetration pricing
E. price skimming
Answer: A
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Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will Singer's share of the income be if the income for the year was $15,000?
A) $9,000 B) $2,400 C) $1,000 D) $5,600
Marquees, entrances, windows, and lighting are all elements of store visibility
Indicate whether the statement is true or false
Which of the following general journal entries would be used to recognize $7,500 of uncollectible accounts expense under the direct write-off method?
A.
| Uncollectible accounts expenses | 7,500 | |
| Accounts receivable | 7,500 |
B.
| Uncollectible accounts expenses | 7,500 | |
| Allowance for doubtful accounts | 7,500 |
C.
| Allowance for doubtful accounts | 7,500 | |
| Uncollectible accounts expenses | 7,500 |
D.
| Accounts receivable | 7,500 | |
| Uncollectible accounts expenses | 7,500 |
A customer service rep's main job is to
A. set up retail displays for retail customers. B. find a remedy when something goes wrong with a firm's marketing mix after a purchase. C. listen to customer complaints. D. get new orders. E. take orders.