In Its First Year of Business, Borden Corporation Had Sales

question 3

Multiple Choice

In its first year of business, Borden Corporation had sales of $2,000,000 and cost of goods sold of $1,200,000. Borden expects returns in the following year to equal 8% of sales. The adjusting entry or entries to record the expected sales returns is (are) :

• A) \[\begin{array} { | l | r | l | }
• \hline \text { Sales returns and allowances } & 160,000 & \\
• \hline \text { Sales } & & 160,000 \\
• \hline \text { Cost of Goods Sold } & 96,000 & \\
• \hline \text { Inventory Returns Estimated } & & 96,000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | l | l | }
• \hline \text { Sales Refind Payable } & 160,000 & \\
• \hline \text { Accounts receivable } & & 160,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | r | r | }
• \hline \text { Sales } & 2,000,000 & \\
• \hline \text { Sales Refind Payable } & & 160,000 \\
• \hline \text { Accounts receivable } & & 1,840,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | l | }
• \hline \text { Sales Returns and Allowances } & 160,000 & \\
• \hline \text { Sales Refund Payable } & & 160,000 \\
• \hline \text { Inventory Returns Estimated } & 96,000 & \\
• \hline \text { Cost of goods sold } & & 96,000 \\
• \hline
• \end{array}\]
• E) \[\begin{array} { | l | l | l | }
• \hline \text { Accounts Recivable } & 2,000,000 & \\
• \hline \text { Sales } & & 2,000,000 \\
• \hline
• \end{array}\]

Identify and sequence the stages of mitosis.

Describe the structural changes chromosomes undergo during the cell cycle.

Explain the significance of the cell cycle phases for cell division and growth.

Describe the historical and scientific importance of Henrietta Lacks in cell studies.

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Definitions:

Cost of Equity

The theoretical disbursement a firm makes to its equity stakeholders as remuneration for the risk they bear by putting their capital into the business.

Dividend Growth Model

A valuation model that estimates the price of a company's stock based on the expected dividends and their growth rate.

After-tax Cost

The cost of an investment or expense after the effects of income tax have been taken into account.

Required Return

The minimum return that investors expect or require from an investment to compensate for its risk.