Gloria owns an annuity in which she has invested $5,000 a year for 10 years. She is currently receiving $8,000 annually from her annuity. By the time all of the principal and interest is paid out, Gloria will have been paid $100,000. How much of the annual benefit is taxable?

Glasgow, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $14,000. The terms were 4/10, n/30. On February 2, it returned damaged goods worth $700 to the supplier and was granted an allowance

Give the journal entry for the payment if the invoice is paid after the discount period. (Round your answers to the nearest dollar.) A) Accounts Payable 13,440 Cash 12,902 Purchase Discounts 538 B) Cash 14,000 Accounts Payable 14,000 C) Accounts Payable 13,440 Cash 13,440 D) Cash 12,902 Purchase Discounts 538 Accounts Payable 13,440

An inventory turnover ratio of 7.2 compared to an industry average of 5.1 is likely to indicate that

A) the firm is selling a product mix that includes more high margin items. B) the firm has higher sales than the industry average. C) the firm's products are in inventory for fewer days before they are sold than is average for the industry. D) the firm is managing its inventory inefficiently.