Jazzy Inc reported sales revenue of $550,000 on their income statement for 2011. From the beginning until the end of 2011, accounts receivables increased by a net amount of $35,000. How much "cash collections from customers" should Jazzy report for 2011 on their statement of cash flows?
A) $550,000
B) $585,000
C) $515,000
D) $ 35,000
C
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According to the textbook, the structure of an organization has a significant influence over the behavior of its employees because
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Shelly offers to sell Jane goods both parties know are stolen. Jane accepts the offer, and agrees to pay for the goods. Later, Jane refuses to accept or pay for the goods. If Shelly sues Jane for breach of contract, what is the probable result?
a. The law would enforce this valid, enforceable contract. b. Jane would win as this is a voidable contract. c. Shelly would win as this is a unilateral contract. d. The law would not enforce Jane's promise, as it does not have a lawful purpose.
Malcom, Inc
had the following balances and transactions during 2017: Beginning Merchandise Inventory as of January 1, 2017 150 units at $81 March 10 Sold 60 units June 10 Purchased 270 units at $85 October 30 Sold 210 units What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2017 if the perpetual inventory system and the first-in, first-out inventory costing method are used? A) $12,150 B) $17,490 C) $35,100 D) $22,350