A recession and contraction of the economy tends to reduce consumer confidence.
Answer the following statement true (T) or false (F)
True
Consumer confidence is a measure of how optimistic consumers are about the overall state of the economy. A recession would reduce consumers' confidence.
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In the current year, Borden Corporation had sales of $2,160,000 and cost of goods sold of $1,280,000. Borden expects returns in the following year to equal 7% of sales. The unadjusted balance in Inventory Returns Estimated is a debit of $22,000, and the unadjusted balance in Sales Refund Payable is a credit of $26,000. The adjusting entry or entries to record the expected sales returns is (are):
A.
| Sales Returns and Allowances | 125,200? | |
| Sales Refund Payable | 125,200? | |
| Inventory Returns Estimated | 67,600? | |
| Cost of Goods Sold | 67,600? |
B.
| Sales Refund Payable | 125,200? | |
| Accounts Receivable | 125,200? |
C.
| Sales Returns and Allowances | 125,200? | |
| Sales | 125,200? | |
| Cost of Goods Sold | 67,600? | |
| Inventory Returns Estimated | 67,600? |
D.
| Sales | 2,160,000? | |
| Sales Refund Payable | 151,200? | |
| Accounts Receivable | 2,008,800? |
E.
| Accounts Receivable | 2,160,000? | |
| Sales | 2,160,000? |
The median is an appropriate measure of central tendency for ________ data
A) interval B) ratio C) ordinal D) nominal
A corporation has a tax year ending December 31, 2019. When is the due date for the corporate income tax return (with no extensions)?
A. April 15, 2020 B. March 15, 2020 C. September 15, 2020 D. June 15, 2020
The tort of negligent supervision arises when ________
A) a third party is injured through an employee's negligent actions B) a company suffers from losses due to lack of supervision of an employee C) an employee is left in a position that may be harmful to others after notice is given to an employer D) an employee's past offensive conduct is not uncovered by an employer when the employer fails to do a background check before hiring the employee