The notes receivable account of a business should include both the notes that have not yet matured and the dishonored notes.

Sales of $350,000 and net sales of $323,000 could reflect sales discounts of $27,000.

The maturity date of a note receivable:

Technologically advanced accounting systems rarely need monitoring for errors because computers always process transactions correctly.

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:

Money orders, cashier’s checks, and certified checks are all examples of cash.

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

A company had net sales of $752,000 and cost of goods sold of $543,000. Its net income was $17,530. The company’s gross margin ratio equals:

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: