Refer to Table 7-4. Which of the following statements is correct?

A) Neither Sasha's consumer surplus nor Eric's consumer surplus can exceed Bob's consumer surplus, for any price of an orange.
B) All three individuals will buy at least one orange only if the price of an orange is less than $0.25.
C) If the price of an orange is $0.60, then consumer surplus is $4.90.
D) Eric will always have the highest consumer surplus.

Ned's Co. has an average collection period of 45 days and an operating cycle of 130 days. It has a policy of keeping at least $10 on hand as a minimum cash balance, and has a beginning cash balance for the first quarter of $20. Beginning receivables for the quarter amount to $35. Sales for the first and second quarters are expected to be $110 and $125, respectively, while purchases amount to 80% of the next quarter's forecast sales. The accounts payable period is 90 days. What is the value of the receivables account at the end of the first quarter?

A) $35
B) $42
C) $55
D) $60
E) $110

When the Soviet Union began breaking up in the late 1980s, cigarettes began replacing the ruble as the medium of exchange even though the ruble was legal tender. The cigarettes provide an example of commodity money.

Ian is preparing a presentation that he intends to use at a trade show. He needs to know which technology will help him easily edit and update, add sound, photos, video, and animation. He should use ________.

Prepare the necessary correcting entry for each of the following.
a. A collection on account of $350 from a customer was credited to Accounts Receivable $530 and debited to Cash $530.
b. The purchase of supplies on account for $310 was recorded as a debit to Equipment $310 and a credit to Accounts Payable $310.

To be most effective, ethics training programs should be voluntary for employees who will potentially make ethical decisions in their jobs.