Inventory Returns Estimated is a current asset account used in a period-end adjusting entry to reflect the inventory estimated to be returned in the future.
Answer the following statement true (T) or false (F)
True
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A receiving report is to goods what a(n) ____ is to services
a. purchase requisition b. purchase order c. acceptance report d. vendor packing slip
Referring to Hall's high and low context framework, in a high context culture
A. the context is irrelevant. B. communication is explicit. C. the context carries much of the communication. D. communication is direct and focused on the topic.
The Flapjack Corporation had 8,200 actual direct labor hours at an actual rate of $12.40 per hour. Original production had been budgeted for 1,100 units, but only 1,000 units were actually produced. Labor standards were 7.6 hours per completed unit at a standard rate of $13 per hour. Compute the labor rate variance
A) 4,920U B) 4,920F C) 4,560U D) 4,560U
The following information pertains to Raleigh Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 40,000 Accounts receivable (net) 30,000 Inventory 25,000 Property, plant and equipment 215,000 Total Assets $310,000 Liabilities and Stockholders' Equity Current liabilities $
60,000 Long-term liabilities 95,000 Stockholders' equity-common 155,000 Total Liabilities and stockholders' equity $310,000 Income Statement Sales $ 90,000 Cost of goods sold 45,000 Gross margin 45,000 Operating expenses 20,000 Net income $ 25,000 Number of shares of common stock 6,000 Market price of common stock $20 What is the current ratio for this company? A) 1.42 B) 0.78 C) 1.58 D) 0.67