During December, Horn Inc purchased $800 of supplies for use in its business. At the end of December, 20% of the supplies were still on hand, but only 75% had been paid. What amounts will appear on the company's balance sheet on December 31? Supplies on Hand Accounts Payable
a.
$800 $600
b.
$160 $200
c.
$640 $200
d.
$160 $800
b
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Langley Company received merchandise on December 31, 2016. Langley failed to record the purchase on account because the invoice was inadvertently destroyed. The merchandise was, however, included in ending inventory. What would be the effect of this event on the financial statements as of December 31, 2016?
A) assets and liabilities would be understated B) assets and owners' equity would be overstated C) liabilities would be understated and retained earnings overstated D) liabilities would be overstated and retained earnings understated
List and briefly describe the four levels of training assessment.
What will be an ideal response?
The bankruptcy of which party(ies) will cause an agency to terminate?
A) The principal only B) The agent only C) Either the principal or the agent D) Neither the principal nor the agent
Fiona owns one share of stock in GR8 Boards Corporation, as evidenced by a stock certificate. Fiona loses the certificate. Her ownership of the stock is
A. forfeited immediately. B. forfeited within ten days of a third party's claim to ownership. C. forfeited within thirty days if she cannot find the certificate. D. not affected.