May Company has the following information:
Month Budgeted Purchases
January $33,000
February 37,000
March 31,000
April 30,000
May 27,680
Purchases are paid as follows:
75% in the month of purchase
25% one month after purchase
What is the expected balance in Accounts Payable on April 30?
A) 0
B) $7,500
C) $20,250
D) $30,000
B
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The entry to record the cash received on a customer's note discounted at less than face value would include a:
A) credit to interest income. B) debit to notes receivable. C) debit to interest expense. D) All of the above
If evidence of regulatory violations can be obtained from observations made in areas the public has access to:
a. a company may require that a warrant be obtained before it will consent to pay fines b. there is still a need to obtain a warrant c. a warrant must still be obtained if the evidence is going to appear in court d. some states still require that a warrant be obtained e. none of the other choices are correct