The records of Alberta Inc. included the following information: ?Cost of goods sold$1,800,000 ?Beginning inventory 435,000 ?Ending inventory 465,000 ?? What is the inventory turnover ratio?
A. 4.14 times
B. 4.00 times
C. 2.00 times
D. 3.87 times
Answer: B
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On January 1, Year 1, Stratton Company borrowed $180,000 on a 10-year, 8% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $26,825 each December 31 for 10 years. The required general journal entry to record the payment on the note on December 31, Year 2 is:
A. Debit Notes Payable $14,400; debit Interest Expense $12,425; credit Cash $26,825. B. Debit Interest Expense $14,400; debit Notes Payable $12,425; credit Cash $26,825. C. Debit Interest Expense $13,406; debit Notes Payable $13,419; credit Cash $26,825. D. Debit Notes Payable $26,825; credit Cash $26,825. E. Debit Notes Payable $180,000; debit Interest Expense $8825; credit Cash $26,825.
Which of the following statements follows the recommended guidelines for picking the right words for business communication?
A. A manager who does not support his team is not a good manager. B. Our team did not hit our sales goal. C. We need a young and energetic person for this position. D. The advertising budget was exceeded.
During the 1930s, government became deeply involved in business for the first time.
Answer the following statement true (T) or false (F)
The state tax code requires that funds in health care and dependent care accounts be earmarked in advance and spent during the plan year.
Answer the following statement true (T) or false (F)