Approving a price reduction because goods are damaged is an example of __________________________
Fill in the blank(s) with correct word
specific authorization
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A list showing the amount due to each supplier as of a specified date is known as the
a. schedule of accounts receivable. b. trial balance. c. balance sheet. d. schedule of accounts payable.
The Merchandise Inventory account balance is $52,000. A physical count of inventory reveals that the actual inventory balance is $41,000. Which of the following would be included in the adjusting entry? (Assume a perpetual inventory system.)
A) a $41,000 credit to Merchandise Inventory B) a $52,000 debit to Cost of Goods Sold C) a $11,000 credit to Cost of Goods Sold D) a $11,000 credit to Merchandise Inventory
The U.S. government will pay Bringle $2,500,000 each six months, equal to 2.5% of the $100 million face amount of the treasury bonds (5% annual coupon rate, paid in two installments each year), and will repay the $100 million at the end of five years. At the time Bringle purchases the bonds, the market prices these bonds to yield Bringle 6% annually (3% each six months). The bonds are classified
as held to maturity. Bringle will record the following entry. a. Marketable Securities..............................95,734,898 Cash..........................................................................95,734,898 b. Marketable Securities............................100,000,000 Cash........................................................................100,000,000 c. Cash........................................................ 95,734,898 Marketable Securities...............................................95,734,898 d. Cash.................................................... 100,000,000 Marketable Securities...............................................95,734,898 e. Cash.......................................................105,907,059 Marketable Securities ............................................105,907,059
Merlin is saving money to purchase a new car. If he deposits $5,000 into a saving account that pays 8% interest, compounded semi-annually, how much will he have in his account at the end of the first year?
A. $5,400.00 B. $5,200.00 C. $5,408.00 D. $5,008.00