Employees can now be secretly and intrusively spied upon by their employers, and it is perfectly legal
a. True
b. False
A
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The business being separate and distinct from the owners is an integral part of the:
a. time period assumption. b. going concern assumption. c. business entity assumption. d. realization assumption. e. None of the answers are correct.
In a newspaper ad, Ryerson offered a $100 reward for the return of her diamond bracelet. Early found the bracelet, read the ad, returned the bracelet to Ryerson, and claimed the reward. Does a contract exist between Ryerson and Early? Explain
The following information is for Benitez Company for Year 2:Beginning inventory300 units @ $25Purchase April 8150 units @ $30Purchase September 12250 units @ $34Sales590 units @ $50Required:Assuming that Benitez uses the FIFO cost flow method,a) How much product cost would be allocated to cost of goods sold?b) How much product cost would be allocated to inventory at the end of the year?c) Calculate the average number of days to sell inventory for the year.
What will be an ideal response?
The inventory turnover ratio:
A. Reveals how many days a company can sell inventory if no new merchandise is purchased. B. Is used to measure solvency. C. Calculation depends on the company's inventory valuation method. D. Reveals how many times a company sells its merchandise inventory during a period. E. Is used to analyze collectability.