The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents$9819?Accounts receivable$77,422?Merchandise inventories$67,362?Prepaid expenses$5500?Accounts payable$16,350?Notes payable$93,638?Other current liabilities$10,900? If net credit sales for the current year were $604,500, the firm's days' sales uncollected for the year is: (Use 365 days a year.)
A. 158.7 days
B. 46.7 days
C. 40.7 days
D. 78.5 days
E. 68.3 days
Answer: B
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An invoice received from a supplier for $8,000 on January 1 with terms 1/15, n/30 means that the company should pay
a. $7,920 before the end of January. b. either $7,920 before January 16 or $8,000 before the end of the month. c. $8,000 between January 2 and January 16. d. $6,800 before January 16.
A reactive change is most often the result of, or seen in ______.
a. a great opportunity b. a frozen organization c. incremental change stalled or gone wrong d. a potential threat
Answer the following statements true (T) or false (F)
1. In the first step in developing an activity-based costing system for a manufacturing company, the management team must determine the activities that incur the majority of the product and period costs. 2. The main difference between activity-based costing and traditional costing systems is that activity-based costing uses a separate allocation base for each activity. 3 In ABC systems, the best allocation base is the primary factor that causes the cost to increase or decrease. 4. Activity-based costing focuses on a single predetermined overhead rate for cost analysis. 5. Traditional costing systems employ multiple allocation rates for manufacturing overhead costs, but an activity-based costing system uses only one rate for allocating manufacturing overhead costs.
________ carries the right to receive current–year dividends and all unpaid dividends from prior years before dividends are paid to common stockholders
a. Nonconvertible preferred stock b. Cumulative preferred stock c. Convertible preferred stock d. Noncumulative preferred stock