Jennings Co. has total assets of $425 million. Its total liabilities are $110.5 million. Its equity is $314.5 million. Calculate the debt ratio.
A. 38%.
B. 26%.
C. 14%.
D. 34%.
E. 13%.
Answer: B
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A property insurance policy is used by a business owner to insure buildings and personal property owned, but not leased, by the business.
Answer the following statement true (T) or false (F)
On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anders, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Shilling uses the perpetual inventory system and the gross method. The journal entry or entries that Shilling will make on May 1 is:
A.
| Sales | 5,800 | |
| Accounts receivable | 5,800 |
B.
| Sales | 5,800 | |
| Accounts receivable | 5,800 | |
| Cost of goods sold | 4,000 | |
| Merchandise Inventory | 4,000 |
C.
| Accounts receivable | 4,000 | |
| Sales | 4,000 |
D.
| Accounts receivable | 5,800 | |
| Sales | 5,800 |
E.
| Accounts receivable | 5,800 | |
| Sales | 5,800 | |
| Cost of goods sold | 4,000 | |
| Merchandise Inventory | 4,000 |
Which of the following statements is correct?
A. A feeder organization is a division of a tax-exempt organization and it is subject to the Federal income tax. B. A feeder organization is a tax-exempt organization whose purpose is to provide food to underprivileged children. C. A feeder organization is a taxable organization whose purpose is to provide reduced cost meals to its employees that are excluded from the employee's gross income. D. Only a. and b. are correct. E. None of these statements is correct.