Keith assembles peanut valves and the recorded data is displayed in the table. What is the select time for this job element?
Time (minutes) Observations
2.5 15
3.0 23
3.5 27
A) greater than or equal to 3 minutes
B) less than 3 minutes but greater than or equal to 2.7 minutes
C) less than 2.7 minutes but greater than or equal to 2.4 minutes
D) less than 2.4 minutes
A
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Consider Figure 4.1. In the absence of trade, Mexico's producer surplus and consumer surplus respectively equal
a. $120 and $240. b. $180 and $180. c. $180 and $320. d. $240 and $240.
For integrated audits, the auditor will test the operating effectiveness of important controls as of the client's year end
a. True b. False Indicate whether the statement is true or false
Wakefield Home is a private not-for-profit health care entity offering services for a fee. In the first quarter of 2017, Wakefield Home rendered services of $300,000 to patients. Of this amount, patients bear responsibility for 75% and the remaining amount is to be paid by third-party insurance providers. However, at the end of 2017, Wakefield Home realizes that $25,000 of the patients' responsibility to pay their share of the billed amounts is estimated to be uncollectible and $3,000 of the amounts from the third-party payors will not be collected.A local business donated medical supplies to Wakefield Home with a value of $40,000. Prepare the journal entry for the receipt of these supplies.
What will be an ideal response?
Forrest's Cycle Shop uses a perpetual inventory accounting system and the gross method of accounting for sales had the following transactions during the month of July: July 3Sold merchandise to a customer on credit for $600, terms 2/10, n30. The cost of the merchandise sold was $350.July 4Sold merchandise to a customer for cash of $425. The cost of the merchandise was $250.July 6Sold merchandise to a customer on credit for $1,300, terms 2/10, n/30. The cost of the merchandise sold was $750.July 8The customer from July 3 returned merchandise with a selling price of $100. The cost of the merchandise returned was $55.July 15The customer from July 6 paid the full amount due, less any appropriate discounts earned.July 31The customer from July 3 paid the full amount due, less any appropriate
discounts earned.Prepare the required journal entries that Forrest's Cycle Shop must make to record these transactions. What will be an ideal response?