An expense resulting from failing to take advantage of cash discounts when using the net method of recording purchases is called:

A company has net sales of $1,200,000 and average accounts receivable of $400,000. What is its accounts receivable turnover for the period?

A merchandiser’s classified balance sheet reports merchandise inventory as a current asset.

Which 2 things did Professor Urquhart say about zebras?

Cushman Company had $800,000 in sales, sales discounts of $12,000, sales returns and allowances of $18,000, cost of goods sold of $380,000, and $275,000 in operating expenses. Gross profit equals:

A 90-day note issued on April 10 matures on:

Using the following year-end information for Bauman, LLC, calculate the current ratio and acid-test ratio:     Cash $ 48,000 Short-term investments   12,000 Accounts receivable   45,000 Inventory   225,000 Prepaid expenses   12,500 Accounts payable   86,500 Other current payables   22,000

On July 9, Mifflin Company receives an $8,500, 90-day, 8% note from customer Payton Summers as payment on account. What entry should be made on the maturity date assuming the maker pays in full, and no adjusting entries have been made related to the note? (Use 360 days a year.)

Beginning inventory plus net purchases equals merchandise available for sale.

A multiple-step income statement format shows detailed computations of net sales and other costs and expenses, and reports subtotals for various classes of items.