The average tardiness for jobs listed in the following table under the earliest due date (EDD) rule is ______.
A. 7.8 days
B. 6.8 days
C. 5.8 days
D. 4.8 days
B. 6.8 days
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Payment is received from customers who were billed earlier for services provided for them. For this transaction, identify the effect on the accounting equation
a. Assets increase and liabilities increase. b. Assets increase and stockholders' equity increases. c. Liabilities increase and stockholders' equity decreases. d. There is no effect on the accounting equation as one asset account increases while another asset account decreases.
Carson City Saloon purchased a $25,000 truck for catering from its restaurant. It made a down payment of one- fourth of the price. What combination of amounts would affect the income statement and statement of cash flows for the purchase of the truck? Income Statement
a. $25,000 Cash Flow Statement $ -0- b. $ -0- ($25,000) c. $25,0000 ($6,250) d. $ -0- ($ 6,250)
Which of the following ratios is a primary measure of liquidity according to the corporate controller survey?
a. Earnings per Share b. Debt/Equity Ratio c. Return on Equity after Tax d. Current Ratio e. None of the answers are correct
On September 1, Knack Company signed a $50,000, 90-day, 5% note payable with Central Savings Bank. What is the journal entry that should be recorded by Knack upon maturity of the note? (Use 360 days a year.)
A. Debit Cash $50,625; credit Notes Receivable $50,625. B. Debit Notes Payable $50,000; credit Interest Revenue $625; credit Cash $49,375. C. Debit Notes Payable $50,000; debit Interest Expense $625; credit Cash $50,625. D. Debit Interest Expense $625; credit Interest Payable $625. E. Debit Notes Payable $50,625; credit Cash $50,625.