Bonds that are not secured by specific property are called
a. a chattel mortgage
b. open-end mortgage bonds.
c. debentures.
d. blanket mortgage bonds.
c
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Vincent Company purchased merchandise from Liu Company with an invoice price of $300,000 and credit terms of 2/10, n/30. Liu Company's cost for the merchandise was $200,000. Vincent Company paid within the discount period. Assume that both buyer and seller use a perpetual inventory system and the gross method of recording invoices.1. Prepare entries that Vincent should record for (a) the purchase and (b) the cash payment.2. Prepare entries that Liu should record for (a) the sale and (b) the cash collection.3. Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 9% and paid it back on the last day of the credit period. Compute how much the buyer saved by following this strategy. (Assume a 365-day year and round
dollar amounts to the nearest cent.) What will be an ideal response?
A merger of Parker Corporation with Jones Corporation that results in only Parker Corporation's surviving normally would require approval of:
a. Parker's and Jones' boards. b. Parker's shareholders. c. Jones' shareholders. d. All of these.
During planned audits, which of the following is discussed and concretized between the auditor and the team?
A) the actual date of the audit B) the location of project plans and artifacts to be audited C) the names of project team members whom the auditor can contact should questions arise D) All of the above are correct.
Only industrial nations need an economic system to decide what and how much is to be produced and distributed by whom, when, to whom, and why.
Answer the following statement true (T) or false (F)