Which of the following is an account that is shown on the balance sheet for a merchandiser but not on the balance sheet of a service business?
A) Unearned Revenue
B) Sales Discounts Forfeited
C) Estimated Returns Inventory
D) Cost of Goods Sold
C) Estimated Returns Inventory
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Steve has been disgruntled with his firm for some time and is secretly planning to leave and start his own manufacturer representative firm with the contacts he has made. Steve has been making copies of the firm's file-secured customer lists, supplier lists, pricing guides, and financial information which is routinely circulated to the staff
a. If Steve leaves and contacts the customers of his former firm, there is a good chance that he will be liable for damages caused by his taking this information. b. Steve shouldn't have made copies on the old firm's copy machine but taken the originals to an outside copy service. c. Steve's former firm will have a difficult time stopping Steve because it did not protect its information. d. Customers who switch to Steve's new firm will be liable to Steve's former firm for lost profits.
All of the following are demand characteristics of business markets EXCEPT:
A. inelastic demand B. fluctuating demand C. joint demand D. stable demand E. derived demand
A company established a $400 petty cash. On October 15, there was $16 remaining in the petty cash fund on that date and there were petty cash receipts for travel expense, $39, delivery expense, $138, and office expenses, $214. The petty cash fund was replenished and increased to $1,000 in total.Required:Prepare the journal entry, if any, required, to record the replenishment of the petty cash fund and the increase in its amount on October 15. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
What will be an ideal response?
Under the partial equity method of accounting for an investment:
A. The investment account remains at initial value. B. The allocations for excess fair value allocations over book value of net assets at date of acquisition are applied over their useful lives to reduce the investment account. C. Dividends received are recorded as revenue. D. Dividends received increase the investment account. E. Amortization of the excess of fair value allocations over book value is ignored in regard to the investment account.