Maria owns and operates a catering business. This is an example of a
A. distribution business.
B. production business.
C. service business.
D. retailer.
E. manufacturer.
Answer: C
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The following information is available for Jimmy Corporation for the month of June: Beginning Inventory ............. 8 units @ $20.00 = $160 Purchased, June 3 ............... 5 units @ $22.00 = $110 Purchased, June 5 ............... 7 units @ $24.00 = $168 Sold, June 9 .................... 9 units Purchased, June 1 . .............. 8 units @ $26.00 = $208 Sold, June 1 . ................... 7
units Given this information, the ending inventory balance using the average cost method is a. $276. b. $302. c. $368. d. $386.
Which of the following statements about product publicity is FALSE?
A) It is what public relations is all about. B) It is the essence of the value of integrating public relations and marketing. C) It is an important adjunct to advertising. D) It is the basis for much of what consumers know or believe about products.
Pelcher Co. maintains a $400 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $110 for office supplies, $140 for merchandise inventory, and $70 for miscellaneous expenses. There is a cash overage of $4. The journal entry to replenish the fund on January 31 is:
A. Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Dr. Cash over and short, $4; Cr. Petty cash, $324. B. Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Cr. Cash over and short, $4; Cr. Cash, $316. C. Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Cr. Cash over and short, $4; Cr. Petty cash, $316. D. Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Dr. Cash over and short, $4; Cr. Petty cash, $400. E. Dr. Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Dr. Cash over and short, $4; Cr. Cash, $324.
One drawback of the payback method is that some cash flows may be ignored
Indicate whether the statement is true or false