A company purchased inventory for $100,000 on account and recorded it as follows:
Merchandise Inventory 100,000
Accounts Payable 100,000
The vendor's invoice showed terms of 3/10, net 30
Give the journal entry for the payment of the invoice seven days after the invoice date, assuming that the vendor uses the perpetual inventory system.
What will be an ideal response
Accounts Payable 100,000
Merchandise Inventory 3,000
Cash 97,000
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A refusal occurs when a respondent reaches a certain point, and then decides not to answer any more questions for the survey
Indicate whether the statement is true or false
Meteor Motor Sales exchanged a car from its inventory for a computer to be used as a noncurrent operating asset. The following information relates to this exchange that took place on July 31 . 2014: Carrying amount of the car ............................ $30,000 Listed selling price of the car ....................... 45,000 Fair value of the computer ............................ 43,000 Cash
difference paid by Meteor ........................ 5,000 The exchange has commercial substance. On July 31 . 2014, how much profit should Meteor recognize on this exchange? a. $0 b. $8,000 c. $10,000 d. $13,000
Despite her interest in sales, Roni is concerned when she learns that, on average, female salespeople make less money than male salespeople do. Which one of the following statements is most likely true?
A) Male salespeople have controlled the industry for almost a century, so there is no reason to think female salespeople will ever be able to equal male earnings. B) Male salespeople would like to earn salaries equal to the salaries of female salespeople, but industry regulations have set their starting salaries at unequal rates. C) Female salespeople will never earn as much as male salespeople will in certain industries, such as heavy industry and transportation. D) Female salespeople make less money than male salespeople do because they must take care of their families and therefore cannot be as focused on their jobs as men are. E) The difference between the average earnings of female and male salespeople is less than the difference between the average earnings of female and male workers in other professions.
Parents are always liable for the contracts made by their minor children.?
Indicate whether the statement is true or false