In most contracts, promises of performance are not expressly conditioned
Indicate whether the statement is true or false
True
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When unearned revenue is finally earned, a revenue account is debited to reflect the amount of the revenue earned
a. True b. False Indicate whether the statement is true or false
Brockney Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The variable overhead rate is $8.60 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $107,970 per month, which includes depreciation of $9,760. All other fixed manufacturing overhead costs represent current cash flows. The July direct labor budget indicates that 6,100 direct labor-hours will be required in that month.Required:a. Determine the cash disbursements for manufacturing overhead for July.b. Determine the predetermined overhead rate for July.
What will be an ideal response?
The asset turnover ratio measures
a. how quickly the company uses assets to pay debt. b. how efficiently assets are used to produce sales. c. the income produced by selling inventory. d. how efficiently equity is used to produce revenue.
Lenders recognize that holding collateral can reduce losses if the borrower defaults, but the presence of collateral has no impact on the risk of default
Indicate whether the statement is true or false