When Chris charges a gallon of chlorine for his pool at Pinch-A-Penny to his store account, he creates a(n) ________ for the retailer.
A. accounts receivable
B. notes payable
C. accounts payable
D. notes receivable
E. long-term liability
Answer: A
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Refer to the following data: Net sales, first month $13,000 Normal gross profit as a percentage of sales 45% Inventory, start of period $8,000 Net purchases, first month $7,000 Using the gross profit method of inventory estimation, the cost of goods sold would be
a. $5,850. b. $7,150 c. $7,850 d. $15,000.
To ensure that plans are moving in the right direction, managers can use the
A. means-ends chain. B. synergy method. C. efficiency plan. D. planning/control cycle. E. satisficing strategy.
Earnings management can range from methods that suggest astute management to outright fraud. Required: 1 . Identify and discuss the activities on the earnings management continuum. 2 . Express your opinion as to where on the earnings management continuum most companies likely fall
A company's employees had the following earnings records at the close of the current payroll period:Employees Earning through Prior Pay PeriodEarning this Pay PeriodF. Argent....$11,300$3,900A. Garza....... 6,100 2,500L. Hong.......... 9,500 3,100R. Levinson... 4,800 1,400J. Young....... 10,000 3,000The company's payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $128,400 of earnings plus 1.45% FICA Medicare on all wages; 0.6% federal unemployment taxes on the first $7,000; and 5.4% state unemployment taxes on the first $7,000. Compute the employer's total payroll taxes expense for the current pay period.
What will be an ideal response?