A company purchased $10,700 of merchandise on June 15 with terms of 2/10, n/45, and FOB shipping point. The freight charge, $850, was added to the invoice amount. On June 20, it returned $1360 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals:
A. $11,110.
B. $11,550.
C. $9,224.
D. $11,210.
E. $10,003.2.
Answer: E
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a. current assets less current liabilities. b. total assets less current assets. c. long-term assets less accumulated depreciation. d. the stockholders' equity.
Gain contingencies should
A) be accrued if they are probable and can be reasonably estimated. B) not be accrued in the accounts. C) be accrued only if they are the result of litigation or government appropriation. D) never be accrued or disclosed in the footnotes.
The critical value of the F distribution depends upon two sets of degrees of freedom—those in the numerator and those in the denominator
Indicate whether the statement is true or false
The data from product market competitors are likely to receive greater weight when:
A. employee skills are not specific to the product market B. labour costs are a small share of total costs C. the supply of labour is not responsive to changes in pay D. the level of skill needed to perform the job is high E. product demand is not related to price changes