A company that buys products to use to produce or create other goods or services is a(n)
A) convenience buyer.
B) consumer.
C) industrial buyer.
D) capital buyer.
E) rebrander.
Answer: C
Explanation: C) An industrial buyer is a company or other organization that buys products for use in producing other products (goods or services).
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Martinez Co borrowed $50,000 on March 1 of the current year by signing a 60day, 9%, interest-bearingnote. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a
a. debit to Interest Payable for $750 b. debit to Interest Expense for $750 c. credit to Cash for $50,000 d. credit to Cash for $54,500
Return on equity equals average stockholders' equity divided by net income
Indicate whether the statement is true or false
Officers of a company have a duty to use "reasonable efforts" to make a profit for shareholders, but are rarely liable for losses suffered during their leadership
a. True b. False Indicate whether the statement is true or false
Miley Block is a building consultant. Shown below are (a) several accounts in her ledger with each account preceded by an identification number, and (b) several transactions completed by Block. Indicate the accounts debited and credited when recording each transaction by placing the proper account identification numbers to the right of each transaction. 1.Accounts Payable 7.Telephone Expense2.Accounts Receivable ?8.Unearned Revenue3.Cash?9.Miley Block, Capital4.Consulting Fees Earned ?10.Miley Block, Withdrawals5.Office Supplies?11.Insurance Expense6.Office Supplies Expense?12.Prepaid Insurance???DebitCredit?Example:????Completed consulting work for a client who will pay at a later date.?24A.Received cash in advance from a customer for designing a
building???B.Purchased office supplies on credit.???C.Paid for the supplies purchased in B.???D.Received the telephone bill of the business and immediately paid it.???E.Paid for a 3-year insurance policy??? What will be an ideal response?