When a voucher system is used, an invoice approval is not needed as long as the purchase is evidenced by an invoice and purchase order.
Answer the following statement true (T) or false (F)
False
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A Japanese firm is ready to sell its recent technological innovation to the U.S. government. But it has asked for 80 percent in cash and the rest in mica. The Japanese firm is looking to enter into a(n) ________ with the U.S. government
A) functional discount B) compensation deal C) buyback arrangement D) offset agreement E) barter deal
Gain on Sale of Machinery is recorded as a debit
Indicate whether the statement is true or false
A neutral reply is
A) sent in reply to a routine persuasive sales letter. B) used when a routine request is being denied. C) more effective when it follows the indirect organizational plan. D) less effective when it follows the direct organizational plan. E) an appropriate response when the request will be granted.
Comparative income statements for Chicago Company are provided below:Chicago CompanyComparative Income StatementYears Ended December 31?Year 2Year 1Sales$ 288,000$ 302,190Less cost of goods sold_____101,350_____115,400Gross margin186,650 186,790Less operating expenses 89,970______99,770Income before taxes96,68087,020Income taxes______38,672______34,808Net income $ 58,008$ 52,212Required:Perform a horizontal analysis of Chicago Company's income statement by computing horizontal percentages for each item. Round your answer to one decimal place (i.e. 22.5%).
What will be an ideal response?