Reeve is a mortgage loan officer of Boyd's Bank, who closes deals in people's homes. He has no supervisory powers and works for more than 40 hours a week. However, his employer refuses to pay him overtime
In the context of the Fair Labor Standards Act, Boyd's Bank is exempted from paying Reeve because he is a(n) ________.
A) executive
B) manager
C) outside salesperson
D) nonprofessional employee
C
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Charms, Inc has determined that an account receivable of $125 is uncollectible. The company uses the direct write-off method. Which of the following entries is required to record the write-off?
A) Bad Debts Expense 125 Accounts Receivable 125 B) Cash 125 Accounts Receivable 125 C) Allowance for Bad Debts 125 Accounts Receivable 125 D) Accounts Receivable 125 Bad Debts Expense 125
If the price increases, but fixed and variable costs do not change, the break-even point:
A) decreases. B) increases. C) remains the same. D) may increase or decrease, depending on sales.