Investments in objects—such as coins, stamps, and art—are ________ liquid

Which of the following statements is true regarding repurchase agreements?

A) treasury bills serve as their collateral B) their maturity is greater than one year C) they make explicit, rather than implicit, interest payments D) they are an unsecured form of borrowing

Amber Corporation has provided the following information of its operating activities for the year

Merchandise Inventory, January 1 $150,000 Merchandise Inventory, December 31 75,000 Purchases 854,000 Selling and Administrative Expenses 65,000 Sales Revenue 1,000,000 Required: Prepare Amber's income statement for the year ended December 31. Use the format provided below: Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income What will be an ideal response