Park, Inc purchased merchandise from Jay Zee Music Company on June 5, 2015 . The goods were shipped the same day. The merchandise's selling price was $15,000 . The credit terms were 1/10, n/30 . The shipping terms were FOB shipping point. Park received the merchandise on June 10, 2015 . Park paid the amount due on June 13, 2015. When did title to the merchandise transfer from Jay Zee Music
Company to Park?
a. June 5, 2015
b. June 10, 2015
c. June 13, 2015
d. Cannot be determined from the information provided
a
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Georgio Company began 2015 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2015, owners contributed $26,000 of new capital. By year-end, the net assets totaled $78,000. Dividends to the owners during 2015 were
A) $49,000. B) $28,000. C) $23,000. D) $2,000.
All cultures have the same ethical values
Indicate whether the statement is true or false.
Financing activities on the statement of cash flows affect the long-term liability and equity accounts
Indicate whether the statement is true or false
Plummer Corporation has provided the following data for its two most recent years of operation: Selling price per unit$44Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials$9Direct labor$6Variable manufacturing overhead$4Fixed manufacturing overhead per year$63,000 Selling and administrative expenses: Variable selling and administrative expense per unit sold$5Fixed selling and administrative expense per year$66,000 Year 1 Year 2Units in beginning inventory0 2,000Units produced9,000 7,000Units sold7,000 8,000Units in ending inventory2,000 1,0000 The unit product cost under absorption costing in Year 2 is closest to:
A. $33.00 B. $9.00 C. $28.00 D. $19.00