Why does the payroll process lend itself to batch processing?
Payroll lends itself to batch computerization because it is processed at fixed time intervals which permits some time lag. Processing the payroll file usually involves most employees each time it is processed, which is an efficient use of computer resources and can be accomplished with a single pass through the file.
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Short-term, highly liquid investments that are considered the same as cash when preparing the statement of cash flows are known as ____________________
Fill in the blank(s) with correct word
Hull Company reported the following income statement information for the current year: Sales$410,000 Cost of goods sold: Beginning inventory$132,000 Cost of goods purchased 273,000 Cost of goods available for sale 405,000 Ending inventory 144,000 Cost of goods sold 261,000 Gross profit$149,000 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $20,000. Given this information, the correct gross profit would be:
A. $149,000. B. $142,000. C. $129,000. D. $169,000. E. $112,000.
Utility patents for inventions are valid for the whole of the inventor's life and 70 years after that
Indicate whether the statement is true or false
Cash payments made to employees for wages and salaries; payments made to vendors for the
purchase of merchandise; taxes paid to government agencies; payments for rent, utilities, and insurance will show up on the statement of cash flows under the category of A) cash flows from financing activities. B) cash flows from investing activities. C) cash flows from operating activities. D) A and B above. E) B and C above.