(CMA adapted, Jun 97 #13) Refer to the Devlin Company example. Devlin Company's acid-test ratio at May 31, Year 7, was
a. 0.60 to 1
b. 0.90 to 1
c. 1.14 to 1
d. 1.86 to 1
e. 2.14 to 1
C
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The antifraud provisions of the 1933 Act pertain to only registered securities
a. True b. False Indicate whether the statement is true or false
Eady Wares is a division of a major corporation. The following data are for the latest year of operations: Sales$19,600,000 Net operating income$470,400 Average operating assets$5,000,000 The company's minimum required rate of return 10%?Required:?a. What is the division's margin??b. What is the division's turnover??c. What is the division's return on investment (ROI)??d. What is the division's residual income?
What will be an ideal response?
Gideon Company uses the direct write-off method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. On July 10, Gideon received a check for the full amount of $2,000 from Hopkins. On July 10, the entry or entries Gideon makes to record the recovery of the bad debt is:
Tokens of appreciation, grease money, and kickbacks are considered ________.
A. cultural reward systems B. questionable payments C. sales commissions D. business expenses