"Anna Park owed Bill Collins $1,000 and $2,000, respectively, on two separate unsecured obligations. Smythe Co. had become a surety on the $2,000 debt at the request of Parkwhen Park became indebted to Collins. Both debts matured on June 1. Park was able to pay only $600 at that time, and she forwarded that amount to Collins without instructions. Under these circumstances,

A. Collins must apply the funds pro rata in proportion to the two debts.
B. Collins must apply the $600 to the $2,000 debt because there is a surety on it.
C. Smythe will be discharged to the extent of $400 if Collins on request of Smythe fails to apply $400 to the $2,000 debt.
D. Collins is free to apply the $600 to the debts as he sees fit."

The following accounts appeared in recent financial statements of delta air lines. identify each account as either a balance sheet account or an income statement account. for each balance sheet account, identify it as an asset, a liability, or stockholders' equity. for each income statement account, identify it as a revenue or an expense. item financial statement type of account accounts payable balance sheet advanced payments for equipment balance sheet air traffic liability balance sheet aircraft fuel (expense) income statement aircraft maintenance (expense) income statement aircraft rent (expense) income statement cargo revenue income statement cash balance sheet contract carrier arrangements (expense) income statement flight equipment balance sheet frequent flyer (obligations) balance sheet fuel inventory balance sheet landing fees (expense) income statement parts and supplies inventories balance sheet passenger commissions (expense) income statement passenger revenue income statement prepaid expenses income statement taxes payable balance sheet

Statistical process control charts: a. indicate to the operator the true quality of material leaving the process. b. display upper and lower limits for process variables or attributes and signal when a process is no longer in control. c. indicate to the process operator the average outgoing quality of each lot. d. display the measurements on every item being produced. e. are a graphic way of classifying problems by their level of importance, often referred to as the 80-20 rule.

If the ceo of a large, diversified, firm were filling out a fitness report on a division manager (i.e., "grading" the manager), which of the following situations would be likely to cause the manager to receive a better grade? in all cases, assume that other things are held constant.a. the division's basic earning power ratio is above the average of other firms in its industry.b. the division's total assets turnover ratio is below the average for other firms in its industry.c. the division's debt ratio is above the average for other firms in the industry.d. the division's inventory turnover is 6, whereas the average for its competitors is 8.e. the division's dso (days' sales outstanding) is 40, whereas the average for its competitors is 30.