Under a perpetual inventory system, merchandise returned by a customer to the seller is recorded as a ________ in the books of seller
A) sales return
B) sales allowance
C) sales discount
D) purchase return
A
Business
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As a result of a court decision, XYZ Company must pay a claimant $100,000 two years from today. What is the present value of the $100,000 award that XYZ Company must pay in two years? Assume a 10 percent interest (discount) rate.
(a) $80,000 (b) $82,645 (c) $93,584 (d) $120,000
Business
Which of the following items is not normally taken into account in determining distributable net income of a simple trust?
A. Tax-exempt interest. B. Fiduciary fee. C. Taxable interest income. D. Personal exemption.
Business