A significant disadvantage with the use of rationalized retailing is the _____
a. high operating costs associated with standardization
b. poor possible fit with local tastes
c. loss of quantity discounts through volume purchasing
d. need for more personnel due to decentralized decisions
b
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Given the table below, indicate the impact of the following errors made during the adjusting entry process. Use a "+" followed by the amount for overstatements, a "-" followed by the amount for understatements, and a "0" for no effect. The first one is done as an example.Ex. Failed to recognize that $600 of unearned revenues, previously recorded as liabilities, had been earned by year-end.1. Failed to accrue interest expense of $200.2. Forgot to record $7,700 of depreciation on machinery.3. Failed to accrue $1,300 of revenue earned but not collected. Error Revenues Expenses Assets Liabilities EquityEX-$60000+$600-$6001. ________ ________ ________ ________ ________2. ________ ________ ________ ________ ________3. ________ ________ ________ ________
________ What will be an ideal response?
Thomas borrowed $100,000 from First Bank, which asked that he both put up collateral and provide a surety. Consequently Thomas provided the bank with a security interest in his antique car collection and asked Victor to act as a surety. Victor agreed to
do so and signed a surety agreement with the bank. Thomas made several payments on the loan and then asked First Bank for permission to sell three of his cars. First Bank agreed, but it never notified Victor of the sale of the collateral. Thomas then defaults on the loan. First Bank now wants Victor to pay the remainder of the loan. Must Victor pay? Explain.
Liability may arise because of a method of collecting oil or natural gas. Under this collection method, a high-pressure flow of fluid is injected underground. This collection method is called
A) clear cutting. B) flow mining. C) hydraulic fracturing. D) slurry mining.
The amount earned during the accounting period on each outstanding share of common stock is called ________
A) dividend per share B) earnings per share C) net profits after taxes D) book value per share