_____ is something we owe, which is measured by the amount of debt we incur.
A. An asset
B. An estate
C. A liability
D. Insurance
E. A goal
Answer: C
You might also like to view...
If a department has a positive direct operating margin, it normally should be discontinued
a. True b. False Indicate whether the statement is true or false
How is Paid-in Capital from Share Options classified in the financial statements?
A) expense account B) liability account C) deferred expense account D) shareholders' equity account
Under the perpetual inventory system, a company purchases merchandise on terms 2/10, n/30. If payment is made within 10 days of the purchase, the entry to record the payment will include a credit to Cash and a credit to Purchase Discounts
Indicate whether the statement is true or false
Braun Schiffer is a maker of high-quality audio speakers. It is on the verge of launching a new
range of high-powered, yet extremely compact, speakers. The fixed overhead costs for production of these speakers is estimated at $500,000. The costs producing a single unit is $250. The company prices these speakers at $400. The sales forecast projects that 2,000 units will be sold by the end of the first year, 4,500 more in the second year, and 2,500 during the third year after launch. What is the gross profit margin percentage for the first year? A) 50% B) 62.5% C) 25% D) 37.5%