When preparing the worksheet for a merchandising business using the perpetual inventory system, the Merchandise Inventory account must be adjusted based on a physical count due to inventory shrinkage
Indicate whether the statement is true or false
TRUE
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Which of the following is not a purpose of the management representation letter?
a. It reminds management of its responsibility for the financial statements. b. It confirms oral responses obtained by the auditor earlier in the audit and the continuing appropriateness of those responses. c. It decreases the possibility of misunderstanding concerning the matters that are the subject of the representations. d. It implies that the auditor is responsible for the design of the internal controls.
On January 2, 2017, Barnes Enterprises purchased equipment for $42,000 cash, expecting the equipment to remain in service for five years, with a $4,000 residual value. Barnes uses straight-line depreciation. On April 30, 2019, Barnes sold the equipment for $20,000 cash.
Requirement: Prepare the journal entries to record the purchase of the equipment; depreciation for 2017, 2018, and 2019; and the sale of the equipment. Omit explanations and round to the nearest dollar.
Chronos Inc designs and markets different brands of cycling watches
Each brand has a single unique feature: the Chronos Cosmos has a heart rate monitor, the Chronos Acumen is designed for older cyclists who prefer a large display, and the Chronos Aegis has a GPS function. Which of the following is evident here? A) channel differentiation B) service differentiation C) product differentiation D) people differentiation E) image differentiation
Joanna uses her smartphone to accomplish many tasks everyday. She is also an avid shopper. Which online marketing tool will benefit Joanna the most to help her shop?
A) e-mail messages from sites to which she subscribes B) banking app for her bank C) instant deals and digital coupons D) YouTube video E) Facebook friends