Title to goods passes according to rules under the Code if the parties have no explicit agreement as to transfer of title
a. True
b. False
Indicate whether the statement is true or false
True
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A company's net sales were $727,700, its cost of goods sold was $244,510 and its net income was $62,450. Its gross margin ratio equals:
A. 66.4%. B. 33.6%. C. 25.5%. D. 297.6%. E. 8.6%.
Great Lake Glassware Company issues $1,121,000 of its 12%, 10-year bonds at 99 on February 28, 2018. The bonds pay interest on February 28 and August 31. Assume that Great Lake uses the straight-line method for amortization. The journal entry to record the first interest payment on August 31, 2018 includes a ________.
A) debit to Cash for $67,260 B) debit to Interest Expense for $67,821 C) debit to Interest Expense for $66,699 D) debit to Discount on Bonds Payable for $561
Accounting terms are used to communicate information about business operations. Therefore, accounting is known as "the language of business."
Indicate whether the statement is true or false
The Results and Discussion section
A) presents the results of the experiment and explains why things happened. B) discusses results of other similar experiments and the implications. C) discusses results from other science reports and their meaning.