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.)

On October 12 of the current year, a company determined that a customer’s account receivable was uncollectible and that the account should be written off. Assuming the direct write-off method is used to account for bad debts, what effect will this write-off have on the company’s net income and total assets?

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.

When using the allowance method of accounting for uncollectible accounts, the recovery of a bad debt would be recorded as a debit to Cash and a credit to Bad Debts Expense.

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

Which of the following is not true regarding a credit card expense?

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

Which company did Professor Urquhart use as an example for poor internal controls? 

A company has net sales of $752,000 and cost of goods sold of $543,000. Its net income is $17,530. The company’s gross margin and operating expenses, respectively, are:

What brand is the tie that Professor shows during the chapter 4 lecture?