A retailer can decrease its collection period by offering its customers cash discounts
Indicate whether the statement is true or false
True
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Brand spiraling is using:
A) various online advertising techniques to develop a brand B) interactive marketing methods to build Web traffic C) traditional media to promote and attract customers to a website D) viral and permission marketing coupled with database technologies
Which of the following is a form of casualty insurance?
A) fire insurance B) general liability insurance C) inland marine insurance D) ocean marine insurance
McLaughlin, Inc. acquires 70 percent of Ellis Corporation on September 1, 2019, and an additional 10 percent on November 1, 2020. Annual amortization of $12,000 relates to the first acquisition. Ellis reports the following figures for 2020: Revenues$500,000 Expenses 350,000 Retained earnings, 1/1/20 3,500,000 Dividends paid 40,000 Common stock 400,000 ??Without regard for this investment, McLaughlin earns $480,000 in net income ($840,000 revenues less $360,000 expenses; incurred evenly through the year) during 2020.?Required:?Prepare a schedule of consolidated net income and apportionment to noncontrolling and controlling interests for 2020.
What will be an ideal response?
During June, Vixen Company sells $850,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 3% of the selling price. Customers returned $14,000 of merchandise for warranty replacement during the month. The entry to record the estimated warranty liability at the end of the month is:
A. Debit Warranty Expense $14,000; credit Estimated Warranty Liability $14,000. B. Debit Estimated Warranty Liability $11,500; credit Warranty Expense $11,500. C. Debit Warranty Expense $11,500; credit Estimated Warranty Liability $11,500. D. Debit Estimated Warranty Liability $14,000; credit Warranty Expense $14,000. E. Debit Warranty Expense $25,500; credit Estimated Warranty Liability $25,500.