A) A company purchases merchandise with a catalog price of $21,000. The company receives a 40% trade discount from the seller. The seller also offers credit terms of 1/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise?
B) Richard Redden contributed $87,000 in cash and land worth $164,000 to open a new business, RR Consulting, Inc. Which of the following general journal entries will RR Consulting, Inc. make to record this transaction?
C) KLM Corporation's quick assets are $6,010,000, its current assets are $12,660,000 and its current liabilities are $8,076,000. Its acid-test ratio equals: