What is a cash refund given to consumers for the purchase of a product during a specific time period?
a. a trade discount
b. a functional allowance
c. a rebate
d. a purchase allowance
Ans: c. a rebate
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Colby & Company bonds pay semiannual interest of $50. They mature in 15 years and have a par value of $1,000. The market rate of interest is 8%. The market value of Colby bonds is (round to the nearest dollar)
A) $1,173. B) $743. C) $1,000. D) $827.
On December 1, 2015, Twilight Corporation paid $8,000 rent in advance. The rent per month is $1,000 . If Twilight's accounting period ends on December 31, 2015, what will be reported on the financial statements?
a. Prepaid Rent of $7,000 on its balance sheet at December 31, 2015 b. Prepaid Rent of $8,000 on its balance sheet at December 31, 2015 c. Rent Expense of $8,000 on its 2015 income statement d. Rent Revenue of $7,000 on its 2015 income statement