FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Alifruit Company made credit sales of $3,000 during last year. The company usually has a profit margin of 25% on sales. Which account will be

Alifruit Company made credit sales of $3,000 during last year. The company usually has a profit margin of 25% on sales. Which account will be increased as a result of the sales transaction? Select a Choice Below current question choices OptionA Cash OptionB Accounts Payable OptionC Inventory OptionD Accounts Receivable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fraud examination

Fraud examination

Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma

4th edition

538470844, 978-0538470841

More Books

Students also viewed these Accounting questions

Question

Can anybody answer questions on the attached Acct 504 Final exam I found ACCT 504 FINAL EXAM (3 DIFFERENT FINALS) http://www.helperstudy.com/product/acct504final exam3differentfinals 1. (TCO A) Which...

Answered: 1 week ago

Question

Can anybody answer questions on the attached Acct 504 Final exam I found ACCT 504 FINAL EXAM (3 DIFFERENT FINALS) http://www.helperstudy.com/product/acct504final exam3differentfinals 1. (TCO A) Which...

Answered: 1 week ago

Question

On June 5, 2015, Torium Inc. made credit sales of $25,000. On June 15, 2015, the company received $25,000. Which accounts are affected by the transaction on June 15? Select a Choice Below current...

Answered: 1 week ago

Question

★★★★★
What is the smallest (most negative) 32-bit binary number that can be represented with (a) Unsigned numbers? (b) Twos complement numbers? (c) Sign/magnitude numbers?

Answered: 1 week ago

Question

★★★★★
What happens to the pressure in all parts of a confined fluid if the pressure in one part is increased?

Answered: 1 week ago

Question

★★★★★
An electrochemical cell is based on these two half-reactions: Calculate the cell potential at 25 C. Ox: Pb(s) Pb+ (aq, 0.10 M) + 2 e Red: MnO4 (aq, 1.50 M) + 4H* (aq, 2.0 M) + 3 e MnO (s) + 2 HO(1)

Answered: 1 week ago

Question

★★★★★
Provide two examples (not necessarily at work or in HR) where algorithms have replaced human decision-making. Choose one you think has benefitted society and one which has caused challenges. Discuss...

Answered: 1 week ago

Question

★★★★★
Rena Reynolds, one of your firm's workers, has just come into the payroll department and says to you: ''I am thinking of amending my Form W-4 so that an additional $10 is withheld each week. That way...

Answered: 1 week ago

Question

★★★★★
What does SETA programs mean? Give UNIQUE examples of the 3 different areas

Answered: 1 week ago

Question

★★★★★
The Fed intervened heavily in the credit crisis. Do you believethe Feds intervention improved conditions in financial markets or made conditions worse? Provide a brief narrative explanation with an...

Answered: 1 week ago

Question

★★★★★
Olsen & Alain, CPAs (O&A) performed the audit of Rocky Point Brewery (RPB), a public company in 20X1 and 20X2. In 20X2, O&A also performed tax services for the company. Which statement best describes...

Answered: 1 week ago

Question

★★★★★
The City by the Bay Chocolate Company makes world-class chocolate. They are preparing their Finished Goods Inventory Budget for next year. Each box of chocolate they make has the following costs:...

Answered: 1 week ago

Question

★★★★★
Determine the value of a stock with the following variables using the constant growth model: Current annual dividend: $3.25 per share Required return rate: 6% Constant growth rate: 5.5% $689.00...

Answered: 1 week ago

Question

★★★★★
The chief audit executive (CAF) determined that the residual risk identified in an assurance engagement is acceptable. When should this be communicated to senior management? A. When the CAE reports...

Answered: 1 week ago

Question

★★★★★
Parts a, b, c and d of this question are independent of one another. a) firm A wants to acquire firm B to achieve economies of scale. Does this motive make economic sense? Answer in terms of YES or...

Answered: 1 week ago

Question

★★★★★
Which of the following items is not added back to regular taxable income in computing alternative minimum taxable income? Multiple Choice Home mortgage interest expense Real property taxes Tax -...

Answered: 1 week ago

Question

★★★★★
d. The characteristic equation of a control system is given by s+2s+8s+12s+20s+16+16=0. Determine the number of the roots of the equation which lie on the imaginary axis of s-plane

Answered: 1 week ago

Question

★★★★★
7.3 How would you describe a satisfactory investment vehicle? How does security analysis help in identifying investment candidates?

Answered: 1 week ago

Question

★★★★★
LG4 Demonstrate a basic appreciation of fundamental analysis and why it is used.

Answered: 1 week ago

Question

★★★★★
P6.14 George Robbins considers himself to be an aggressive investor. At the present time, he's thinking about investing in some foreign securities. In particular, he's looking at two stocks: (1)...

Answered: 1 week ago

Previous Question Next Question