Part payment of a disputed debt may cancel the debt if the creditor accepts and cashes a check marked ____________________
Fill in the blank(s) with correct word
paid in full
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Petrini Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations:a.The budgeted selling price per unit is $110. Budgeted unit sales for January, February, March, and April are 7,500, 10,600, 12,000, and 11,700 units, respectively. All sales are on credit. b.Regarding credit sales, 30% are collected in the month of the sale and 70% in the following month. c.The ending finished goods inventory equals 30% of the following month's sales. d.The ending raw materials inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $4.00 per pound. e.Regarding raw materials purchases, 40% are paid for in
the month of purchase and 60% in the following month. f.The direct labor wage rate is $23.00 per hour. Each unit of finished goods requires 2.6 direct labor-hours. g.Manufacturing overhead is entirely variable and is $8.00 per direct labor-hour. h.The variable selling and administrative expense per unit sold is $1.70. The fixed selling and administrative expense per month is $70,000. The estimated finished goods inventory balance at the end of February is closest to: A. $362,160 B. $287,280 C. $74,880 D. $316,080
If the costs for direct materials, direct labor, and factory overhead were $522,200, $82,700, and $45,300, respectively, for 16,000 equivalent units of production, the conversion cost per equivalent unit was $8.00
Indicate whether the statement is true or false
If the price decreases, but fixed and variable costs do not change, the break-even point:
A) decreases. B) increases. C) remains the same. D) may increase or decrease, depending on sales.
"Blue sky" laws refer to
A) state laws protecting investors in intrastate security sales. B) federal laws protecting investors in interstate security sales. C) municipal laws regulating building heights. D) common laws that give shareholders the right to sue fraudulent securities issuers.