A red-and-white label on a soup can is an example of innovative packaging.
Answer the following statement true (T) or false (F)
False
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Typically, the lower the accounts receivable turnover ratio, the better
a. True b. False Indicate whether the statement is true or false
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: ?DebitCreditCash$11,000?Accounts Receivable150,000?Prepaid Rent5,000?Supplies25,000?Equipment300,000?Accumulated Depreciation?$135,000Accounts Payable?20,000Salaries Payable?4,000Interest Payable?1,000Notes Payable (due in two years)?30,000Common Stock?200,000Retained Earnings?50,000Dividends20,000?Service Revenue?400,000Salaries Expense180,000?Advertising Expense70,000?Rent Expense15,000?Depreciation Expense30,000?Interest Expense2,000?Utilities Expense 32,000 _______Totals$840,000$840,000Prepare an income statement for China Tea Company for the year ended December 31, 2021:
What will be an ideal response?
When an organization is using concentration strategy, it will
A. maintain high variable pay levels. B. have short-run pay levels below the market. C. make centralized pay decisions. D. have a long-term orientation. E. have benefit levels below the market.
On January 1, 2018, Lamb and Mona LLP admitted Noris to a 20% interest in net assets for an investment of $50,000 cash. Prior to the admission of Noris, Lamb and Mona had net assets of $100,000 and an income-sharing ratio of 25% to Lamb and 75% to Mona. After the admission of Noris, the partnership contract included the following provisions:? Salary of $40,000 a year to Noris. ? Remaining net income in ratio Lamb 20%, Mona 60%, Noris 20% ? During the fiscal year ended December 31, 2018, the partnership had income of $90,000 prior to recognition of salary to Noris.Record the journal entry to allocate the salary of Noris.
What will be an ideal response?