Your corporate financial manager has decided to liquidate securities to provide for cash needs in units of $50,000. Is that amount of cash consistent with annual cash needs of $2,500,000, costs per sale of $30, and annual T-bill rate of 6 percent?
A) no, sales amount should be increased to $60,000
B) no, sales amount should be decreased to $35,000
C) yes, that amount is appropriate
D) no, sales amount should be decreased to $5,000
Ans: C) yes, that amount is appropriate
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a. before an entry is recorded in a journal. b. when the entry is posted to the ledger. c. when the trial balance is prepared. d. at some other point in the accounting cycle.
Duties of an insured after a collision loss covered under the PAP include which of the following?
I. Take reasonable steps to protect the vehicle from further damage. II. Admit fault if the insured believes he or she caused the collision. A) I only B) II only C) both I and II D) neither I nor II