The basic difference between a wage reopener clause and an escalator clause in a labor agreement is the
a. wage reopener provides for automatic wage adjustments.
b. escalator clause does not provide a vehicle for management input during negotiations.
c. wage reopener does not permit wages to fall during the life of a contract.
d. wage reopener requires a negotiated wage change.
D
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Under which of the following condition is a firm likely to pursue backward integration?
A. There are a small number of suppliers B. A significant investment is needed to facilitate the specific transaction with suppliers (i.e., asset specificity) C. A firm needs to procure supplies at a very high frequency D. All of the above
A company receives $132, of which $12 is for sales tax. The journal entry to record the sale would include a
A. Debit to sales tax expense for $12 B. Credit to sales tax payable for $12 C. debit to sales for $132 D. debit to cash for $120