Apple Two Enterprises expects to generate sales of $5,950,000 for fiscal 2014; sales were $3,450,000 in fiscal 2013. Assume the following figures for the fiscal year ending 2013: cash $70,000;
accounts receivable $250,000; inventory $400,000; net fixed assets $520,000; accounts payable $235,000; and accruals $155,000. Use the percent-of-sales method to forecast accounts payable for the fiscal year ending 2014.
A) $212,036
B) $405,290
C) $619,619
D) $155,000
Answer: B
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Given the following list of methods of depreciation, select the method that is best for the situation or purpose given. (Select all that apply.) This method is used in situations where technological advances are rapid
a. Straight-line b. Units-of-production c. Double-declining-balance d. MACRS
Which of the following is/are true?
a. U.S. GAAP and IFRS classify preferred stock subject to redemption only at the option of the issuing firm as shareholders' equity. b. U.S. GAAP and IFRS classify preferred stock subject to mandatory redemption is a liability. c. U.S. GAAP classify preferred stock subject to redemption at the option of the preferred shareholders appears between liabilities and shareholders' equity. d. IFRS classify preferred stock subject to redemption at the option of the preferred shareholders appears as a liability. e. all of the above
Which of the following statements is (are) true concerning investments of property and casualty insurers and life insurers?
I. Property and casualty insurance companies place greater emphasis on liquidity than do life insurers. II. Life insurance company investments are, on average, of longer duration than property and casualty insurance company investments. A) I only B) II only C) both I and II D) neither I nor II
A contract under which a seller forbids a buyer to purchase products from the seller's competitors is a tying arrangement.
Answer the following statement true (T) or false (F)