The net amount due employees for their wages is recorded as a debit to Salaries and Wages Payable.
Answer the following statement true (T) or false (F)
False
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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.
Feathertouch Company sold merchandise worth $1,600 on credit, terms n/15. The merchandise sold had cost $1,100. What is the required journal entry to record the transaction and to transfer the cost of merchandise inventory to cost of goods sold under the periodic inventory system? A) Accounts Receivables 1,600 Sales 1,600No entry for transfer to cost of goods sold
B) Sales 1,600 Accounts Receivables 1,600Merchandise Inventory 1,100Cost of Goods Sold 1,100 C) Accounts Receivables 1,600 Merchandise Inventory 1,600Cost of Goods Sold 1,100Merchandise Inventory 1,100 D) Merchandise Inventory 1,600 Sales 1,600Cost of Goods Sold 1,100Merchandise Inventory 1,100
?Identify a true statement about a limited liability partnership (LLP).
A. ?A general partner of a limited liability partnership is responsible for the negligence and irresponsibility of limited partners. B. ?A limited partner of a limited liability partnership is responsible for the general management of the partnership business. C. ?A general partner of a limited liability partnership is liable to pay tax on all the partnership income. D. ?A general partner of a limited liability partnership is personally liable for all business debts. E. ?A limited partner responsible for the negligence and irresponsibility of general partners.
Intuitiv Manufacturing's large plastics molding machine suddenly broke down during its day shift. When considering the purchase of available alternatives, Intuitiv decided to rent one for the next two years instead of buying one. In this situation, the large plastics molding machine it rented would be classified as
A. an installation. B. accessory equipment. C. an unsought good. D. a process material. E. MRO supplies.