The journal entry used to record the issuance of an interest-bearing note for the purpose of borrowing funds for thebusiness is
a. debit Accounts Payable; credit Notes Payable
b. debit Cash; credit Notes Payable
c. debit Notes Payable; credit Cash
d. debit Cash and Interest Expense; credit Notes Payable
b
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The number of days' sales in receivables
A) is an estimate of the length of time the receivables have been outstanding B) measures the number of times the receivables turn over each year C) is Net Credit Sales divided by Average Receivables D) is not meaningful and therefore is not used
In a push manufacturing system, ______.
a. demand is forecast using historical data b. demand is forecast using future trends c. production is based on actual customer demand d. production is based on government regulations
Working requirements mandate use and development of the patented product or the rights are lost
Indicate whether the statement is true or false
An uncle gifts a parcel of land to his niece, and he has to pay $25,000 of gift taxes. The land has appreciated substantially since he purchased it 20 year ago. The niece's basis in the land will be the uncle's cost increased by the $25,000 of gift taxes paid by the uncle.
Answer the following statement true (T) or false (F)