A contract entered into by a minor is voidable at the option of either of the contracting parties
Indicate whether the statement is true or false
False
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Answer the following statements true (T) or false (F)
1. Actual manufacturing overhead costs are credited to the Manufacturing Overhead account. 2. In a manufacturing operation, depreciation of plant equipment should be debited to the Depreciation Expense account. 3. The amount of taxes and insurance incurred and paid for the plant of a manufacturing company should be debited to the Manufacturing Overhead account. 4. The total amount of manufacturing overhead costs incurred during the period is recorded on the credit side of the Manufacturing Overhead account. 5. Manufacturing overhead costs are allocated to the Work-in-Process Inventory account by a debit to the Manufacturing Overhead account.
A company provided $12,000 of consulting services on account. The customer promises payment in 30 days. Identify the journal entry below that properly records this transaction.
A.
| Accounts Payable | 12,000 | |
| Consulting Services Revenue | 12,000 |
B.
| Accounts Receivable | 12,000 | |
| Consulting Services Revenue | 12,000 |
C.
| Accounts Payable | 12,000 | |
| Cash | 12,000 |
D.
| Consulting Services Revenue | 12,000 | |
| Cash | 12,000 |
E.
| Cash | 12,000 | |
| Consulting Services Revenue | 12,000 |
The value of common stock investments will likely change between the time the shares are purchased and the time in the future when they are sold. The difference between the eventual selling price and the purchase price, is often called
a. speculative returns. b. enrichment. c. inflation. d. price appreciation (or price depreciation, if negative). e. deflation.
Leveraged buyouts are initially financed through the sale of common stock
Indicate whether the statement is true or false