The F-test used in one-way ANOVA is an extension of the t-test of ?1 - ?2
Indicate whether the statement is true or false
T
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Hawk Store counted some of its inventory twice. As a result, its operating expenses will be
a. Understated b. Correct only if Hawk Store calculates it cost of goods sold correctly c. Overstated d. Correct since operating expenses are not affected by inventory costs
Yellow Dog Transit sold an old truck on December 31, 2013, for $18,400 cash. The following data was available when the truck sold: Acquisition cost $75,000 Estimated residual value at time of acquisition 8,000 Accumulated depreciation on December 31, 2013 after adjustment 53,600 When this transaction is recorded, it should include a(n)
a. Loss on Disposal account for $3,000 b. Decrease of $21,400 to the Truck account c. Gain on Disposal account for $3,000 d. Gain on Disposal account for $5,000
Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $30,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.
A. Debit Salaries payable $30,000; credit Cash $30,000. B. Debit Salaries expense $18,000; credit Cash $18,000. C. Debit Salaries expense $18,000, debit Salaries payable $12,000; credit Cash $30,000. D. Debit Salaries expense $12,000; debit Salaries payable $18,000; credit Cash $30,000. E. Debit Salaries expense $30,000; credit Cash $30,000.
Total variable costs remain constant within a defined time period or range of activity
Indicate whether the statement is true or false