Lucas orally agrees to sell his Mountain Spring Beverage Company to Natural Soft Drinks, Inc Lucas notes the terms on a sheet of Mountain Spring stationery and signs it. This agreement is most likely enforceable against
A) no one
B) Lucas and Natural Soft Drinks.
C) Lucas.
D) Natural Soft Drinks.
C
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If you plan to invest $10,000 and want to determine how much will be accumulated in six years if you earn interest at 7% per year, you would calculate this using the future value of an annuity
a. True b. False Indicate whether the statement is true or false
Which of the following is/are true?
a. Revenues measure the inflow of net assets from operating activities. b. Expenses measure the outflow of net assets consumed in the process of generating revenues. c. Recognizing revenues and expenses always involves a simultaneous entry in an asset and/or liability account. d. Adjusting entries almost always involve an entry in at least one income statement and one balance sheet account. e. All of the above answer choices are true.
On September 12, Ryan Company sold merchandise in the amount of $5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Ryan makes on September 18 is:
A.
| Cash | 5,194 | |
| Accounts receivable | 5,194 |
B.
| Cash | 5,800 | |
| Accounts receivable | 5,800 |
C.
| Cash | 5,194 | |
| Sales discounts | 106 | |
| Accounts receivable | 5,300 |
D.
| Cash | 5,684 | |
| Sales discounts | 116 | |
| Accounts receivable | 5,800 |
E.
| Cash | 5,684 | |
| Accounts receivable | 5,684 |
Women's networks have had a detrimental effect on the advancement of women.
Answer the following statement true (T) or false (F)