Purchases Returns and Allowances is an example of a contra-cost account

Indicate whether the statement is true or false


T

Business

You might also like to view...

Another term for misdemeanor is:

a. small crime b. civil crime c. penal crime d. petty misdemeanor e. none of the other specific choices are correct

Business

Additional padding may be added to provide partial traffic flow confidentiality by concealing the actual length of the payload

Indicate whether the statement is true or false.

Business

The INTERCEPT function in Excel computes the location where the regression line crosses the _______.

a.c-axis b.b-axis c.x-axis d.y-axis

Business

Anchor Company purchased a manufacturing machine with a list price of $90,000 and received a 2% cash discount on the purchase. The machine was delivered under terms FOB shipping point, and transportation costs amounted to $3200. Anchor paid $4500 to have the machine installed and tested. Insurance costs to protect the asset from fire and theft amounted to $5800 for the first year of operations. What is the cost of the machine?

A. $95,900 B. $101,700 C. $91,400 D. $88,200

Business