At the beginning of April, Clanway Manufacturing had an inventory of $43,568. The ending inventory on April 30 was $41,236. The cost of goods during the month was $299,655. What was the merchandise inventory turnover rate, to the nearest tenth?
7.1
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Monetary-unit sampling should not be used if:
A. many items in the account are expected to have errors. B. no items in the account are expected to have errors. C. the population includes several large items. D. the auditor expects overstatement errors.
Which of the following is true of real estate commissions?
A. If the seller has not given the broker specific terms on price, the broker can sell the property on his own terms and claim a commission. B. If the seller has not given the broker a specific closing date, the law assumes the contract to end 30 days after the creation of the contract, but the broker will not be entitled for a commission. C. If the seller has not given the broker specific terms of price or closing date, then the commission is not earned until the contract of purchase has been made. D. If the seller has not given the broker a specific closing date, the broker can assume a reasonable closing date and can also claim a commission for an incomplete sale.
Which of the following describes structured data?
A. A defined length, type, and format. B. Is typically stored in a relational database or spreadsheet. C. Includes numbers, dates, or strings such as customer address. D. All of these.
Using the Macon Company data, under U.S. GAAP:
a. no impairment loss has occurred. b. an impairment loss has occurred in the amount of $3.8 million. c. an impairment loss has occurred in the amount of $6 million. d. an impairment gain has occurred in the amount of $6 million. e. an impairment gain has occurred in the amount of $3.8 million.