3 Kate sells goods on credit to Kylie. Kate does not allow cash discount. On 1 May Kylie owed Kate $350.
The following documents were exchanged in May:
$
May 4
invoice .
420
112
92
8 debit note
10 credit note
19 cheque
26 invoice
350
170
How much did Kylie pay on 31 May to settle her account?
A $148
B $386
C $498
D $610

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.

Which of the following would indicate an improvement in a company's financial position, holding other things constant? a. the inventory and total assets turnover ratios both decline.b. the debt ratio increases.c. the profit margin declines.d. the times-interest-earned ratio declines.e. the current and quick ratios both increase.

When a market is in equilibrium, the buyers are those with the willingness to pay and the sellers are those with the costs.