The journal entry a company records for the issuance of bonds when the contract rate and the market rate are the same is
A) debit Bonds Payable, credit Cash
B) debit Cash and Discount on Bonds Payable, credit Bonds Payable
C) debit Cash, credit Premium on Bonds Payable and Bonds Payable
D) debit Cash, credit Bonds Payable
D
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The collection of a $1,000 account beyond the 2 percent discount period would result in a(n)
a. increase to Cash for $980. b. decrease to Accounts Receivable for $1,000. c. decrease to Cash for $1,000. d. increase to Sales Discounts for $20.
One of the traditional buyer's rights is the right not to buy a product that is offered for sale
Indicate whether the statement is true or false
Oxford Packing Company reported net sales in November of the current year of $1,000,000. At the beginning of November, the company reported beginning inventory of $368,000. Cost of goods purchased during November amounted to $217,500. The company reported ending inventory at the end of November of $226,750. The company's gross profit rate for November of the current year was:
A. 58.6% B. 81.2% C. 35.9% D. 64.1% E. 18.8%
Enforcement of the ethics code is essential to be effective. Which of the following elements of compliance is not relevant?
a. Top management and their supervisors participating in the same programs as employees b. Static and not updated c. Consistency in enforcement d. Clarity of the code contents