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Brenden Barnes
To better account for the older merchandise inventory, the president of Widget Tek wonders whether the merchandise inventory should be valued using a different method. Do you agree, and why or why not? Yes, because valuation at lower of cost or market will provide the highest gross profit. 2. Will a change in inventory method increase a company's net income on its financial statements? 3. When is merchandise inventory not valued at cost?
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Ryland Schroeder
Kyle is applying to be a police officer. In his interview, he describes that he loves watching the news and following current cases. He explains that he is honest, caring, compassionate, and has a very deep sense of integrity. He then explains that he is in excellent physical condition and trains regularly in hand-to-hand combat. He tells them that he is a member of the Police Explorers, a group that trains and rides along with the local police. He also tells them that he graduated at the top of his class and was a state finalist on the mock trial team. Which table accurately lists Kyle's personal interests, skills, achievements, values, and experiences?
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Payton Love
Just-in-time inventory (JIT) systems: a. are used only by manufacturing firms. b. provide a buffer stock of inventory for a company. c. save costs by outsourcing inventory management to other companies. d. are used to reduce inventory holding costs. e. always keep extra inventory on hand for emergencies.
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Jazmyn Francis
Classifying Types of Adjustments

Classify the following items as (a) prepaid expense, (b) unearned revenue, (c) accrued revenue, or (d) accrued expense:

1. A two-year premium paid on a fire insurance policy.

2. Fees earned but not yet received.

3. Fees received but not yet earned.

4. Salary owed but not yet paid.

5. Subscriptions received in advance by a magazine publisher.

6. Supplies on hand.

7. Taxes owed but payable in the following period.

8. Utilities owed but not yet paid.
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Rowan Newman
An increase in inventories is deducted from net income to arrive at operating cash flow because a. cash payments to customers were larger than the purchases made during the period. b. purchases are larger than the cost of goods sold by the amount that inventories increased. c. purchases are less than the cost of goods sold by the amount that inventories increased. d. cash payments to customers were less than the purchases made during the period. e. All of these.
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Lexi Stein
3. Patents are discussed as part of the invention phase of the innovation process in Exhibit 7.2. Describe the trade-offs that are made when a firm decides to patent its business processes or software. Is this same trade-off applicable to tangible hardware products made by a firm?
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Jimena
f the price of pork chops falls from $8 to $6, and this leads to an increase in demand for apple sauce from 100 to 140 jars, what is the cross-price elasticity of apple sauce and pork chops at a pork chop price of $6
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Gilberto Moreno
Which activity is an example of a time-based goal?

A. Catherine plans to learn to play the guitar in the next few years.

B. David wants to pay off his student loan as soon as possible.

C. Farah wants to obtain her college degree in four years.

D. Richard has a dream to visit Australia after he retires.
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Spencer
Flip Flop, Inc. treated interest on uncertain tax liabilities as interest expense and penalties as part of selling, general and administrative expenses in the prior year. How can Flip Flop treat interest and penalties this year
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Tia Rivera
Personal selling refers to

a. a customer-directed flow of communications, often in a face-to-face encounter, designed to promote a product with the purpose of making a sale.

b. an individualized communications program specifically designed for a single customer because the item being sold is unique to that person.

c. a mass selling approach that has been tailored to meet the unique needs of a target market based on age, gender, ethnicity, or occupation.

d. the two-way flow of communication between a buyer and a seller, often in a face-to-face encounter, designed to influence a person's or group's purchase decision.

e. any spoken (rather than visual or print) attempt to promote a product for the purpose of making a sale.
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Guadalupe Perry
Spring is here, and Yakov and his uncle would like to go fishing for the weekend in Florida. Yakov could either go to the river in town where anyone can fish without a permit, or he could drive up to a stream located on his family's property in the countryside to fish. Assume that, no matter where people fish, all of the fish that are caught would be kept (that is, there is no "catch and release" policy).
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Broderick Graham
Why is seasonal inventory usually built up in periods of low demands?
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Krista Mcintosh
During 2014, a textbook written by Mercer Co. personnel was sold to Roark Publishing, Inc., for royalties of 10% on sales. Royalties are receivable semiannually on March 31, for sales in July through December of the prior year, and on September 30, for sales in January through June of the same year. • Royalty income of $162,000 was accrued at 12/31/14 for the period July-December 2014.

• Royalty income of $180,000 was received on 3/31/15, and $234,000 on 9/30/15.

• Mercer learned from Roark that sales subject to royalty were estimated at $3,240,000 for the last half of 2015.

In its income statement for 2015, Mercer should report royalty income at

A. $432,000.

B. $414,000.

C. $558,000.

D. $576,000.
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Imani Flynn
During a football game, a running back took a hard hit to the chest and had to leave the game. X-ray and magnetic resonance imaging (MRI) imaging revealed two fractured ribs and adjacent soft tissue trauma. The football player told the examining physician that during normal breathing, he experienced pain while inhaling but not while exhaling. Choose the statement that best accounts for this difference.
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Marlene Richmond
in a production budget, if the number of units in finished goods inventory at the end of the period is less than the number of units in finished goods inventory at the beginning pf the period, then the expected number of units sold is less than the number of units to be produced during the period (True/False).
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