A company had net sales of $340,500, its cost of goods sold was $257,000, and its net income was $13,750. The company's gross margin ratio equals 24.5%.
Answer the following statement true (T) or false (F)
True
Gross Margin Ratio = (Sales ? Cost of Goods Sold)/Sales
Gross Margin Ratio = ($340,500 ? $257,000)/$340,500 = 24.5%
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a. Additional Paid-In Capital will be credited. b. Stock Rights Outstanding will be debited. c. Gain on Lapse of Stock Rights will be credited. d. no entry will be made.
Scooby Company has applied $567,988 of overhead into production on Jobs in the Work in Process account. Actual overhead at the end of the year is $575,000. What is the adjustment for over or underapplied overhead?
A) $7012 Overapplied, increase Cost of Goods Sold B) $7012 Underapplied, increase Cost of Goods Sold C) $7012 Overapplied, decrease Cost of Goods Sold D) $7012 Underapplied, decrease Cost of Goods Sold
As an entrepreneur, one should think like a scientist and ______.
a. act like one as well b. not put as much time or precision in experiments as a scientist would c. conduct experiments with more precision since the results will be acted upon d. use the same methods as a scientist
_____ refers either to the sound that a speaker gives to the letters or letter combinations that make up a word or to the way in which the speaker accents the word
Fill in the blank(s) with correct word