Floor-ready merchandise is merchandise that is ready to be placed on the selling floor.
Answer the following statement true (T) or false (F)
True
Floor-ready merchandise is merchandise that is ready to be placed on the selling floor; ticketing, marking, and, in the case of some apparel, placing garments on hangers (or maybe attaching RFID chips) are all things that may need to be done to have a product floor ready before it reaches a store.
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The slope of the SML is determined by the value of beta.
Answer the following statement true (T) or false (F)
The journal entry to close the Fees Earned, $275, and Rent Revenue, $200, accounts on December 31st during the closing process would be:
A) Dec 31 Fees Earned 275Rent Revenue 200Income Summary 475 B) Dec 31 Income Summary 475Fees Earned 275Rent Revenue 200 C) Dec 31 Revenues 475Income Summary 475 D) Dec 31 Income Summary 475Revenues 475
Which of the following statements regarding the financial reporting of custodial funds is not true?
A. Custodial fund financial information is reported in a separate column of the government-wide statement of activities. B. GASB standards allow reporting on individual custodial funds in a government's combining fiduciary fund financial statements. C. Custodial funds are included in the statement of changes in fiduciary net position. D. Custodial activities are reported only in the fiduciary fund financial statements.
Quincy Corp., about to be liquidated, has the following amounts for its assets and liabilities: Net Book Realizable Value ValueCurrent assets$200,000$140,000Land 70,000 100,000Building 500,000 350,000Equipment 300,000 160,000Accounts payable 240,000 Income taxes payable 60,000 Mortgage payable 510,000 Note payable 80,000 ??The mortgage is secured by the land and building, and the note payable is secured by the equipment. Quincy expects that the expenses of administering the liquidation will total $40,000.?How much should the mortgage holder expect to collect from the liquidation?
A. $480,000 B. $478,000 C. $450,000 D. $474,000 E. $510,000