Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full amount due. The correct journal entry to record the payment on August 16 is:
A. Debit Accounts Payable $8,167.50; credit Cash $8,167.50.
B. Debit Accounts Payable $9,750; credit Merchandise Inventory $97.50; credit Cash $9,652.50.
C. Debit Cash $8,250; credit Accounts Payable $8,250.
D. Debit Accounts Payable $8,250; credit Merchandise Inventory $82.50; credit Cash $8,167.50.
E. Debit Merchandise Inventory $8,250; credit Cash $8,250.
Answer: D
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On January 1, Bobby and Alice equally own all of the stock of an electing S corporation called Prairie Dirt Delight. The entity incurs a $60,000 loss for a nonleap year. On the 200th day of the year (not a leap year), Bobby sells his one-half of the stock to his son, Saul. How much of the $60,000 loss, if any, is allocated to Bobby?
A. $-0- B. $13,562 C. $16,438 D. $32,877
A perfected security interest in fixtures has priority over the conflicting interest of an encumbrancer or owner of the real property:
A. if the interest of the encumbrancer arose after the goods became fixtures. B. if the security interest is a purchase money security interest. C. if the fixtures' security interest is perfected by a "fixtures filing" anytime after the goods became fixtures. D. only if the debtor is in possession of the real property.
When a worker comes late to the work site, others are likely to make an external attribution under conditions of
A. high consensus, high distinctiveness, and low consistency. B. high consensus, low distinctiveness, and high consistency. C. low consensus, low distinctiveness, and high consistency. D. low consensus, low distinctiveness, and low consistency. E. low consensus, high distinctiveness, and high consistency.
Which of the following is an important consideration for innovating or developing a new service?
A. Design elements of the service separately, rather than as parts of a whole. B. Involve only employees in the innovation process. C. Use only words to describe the service. D. Employ service and design thinking and techniques. E. Involve only design experts in the innovation process.