The entry to increase the balance in petty cash from $50 to $75 would include a credit to Petty Cash of $25.
Answer the following statement true (T) or false (F)
False
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Service organizations incur little or no cost for
A) services. B) overhead. C) materials. D) labor.
Outrigger Leisure Products sells 2200 kayaks per year at a price of $450 per unit. Outrigger sells in a highly competitive market and uses target pricing. The company has $1,000,000 of assets and the shareholders wish to make a profit of 17% on assets. Fixed costs are $450,000 per year and cannot be reduced. Assume all products produced are sold. What are the target variable costs?
A) $139,401 B) $1,000,000 C) $820,000 D) $370,000
When Jack and Fred, members of the same team, completed five years at their company, they received separate congratulations letters from their manager. When Jack and Fred compared their letters, they observed that apart from the date, inside address, and salutation, the bodies of the letters were identical. From this scenario, it can be concluded that the letters sent to Jack and Fred were _____
A. form letters without variables B. adjustment letters C. collection letters D. form letters with variables
Z, a seller in Miami, enters into a contract which states that goods are to be delivered to X, a buyer in New York. Title is to remain with Z until delivery. This is:
a. a shipment contract. b. an FOB Miami contract. c. a destination contract. d. a consignment.