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1. Net income or net loss for a period is calculated by the following formula: a.total revenues - total withdrawals. b.total revenues - total expenses - total withdrawals. c.total revenues - total expenses + capital. d.total revenues - total expenses. 2. Accounts Payable had a normal starting balance of $750. There were debit postings of $600 and credit postings of $350 during the month. The ending balance is: a.$1,000 debit. b.$500 debit. c.$500 credit. d.$1,000 credit. 3. A ledger: a.is a group of accounts and their balances. b.is the same as a chart of accounts. c.can replace the financial statements. d.None of these answers are correct. 4. The entry to record Tom's payment of a home telephone bill is: a.debit Telephone Expense; credit Cash. b.debit Telephone Expense; credit Accounts Payable. c.debit Tom's Withdrawals; credit Accounts Payable. d.debit Tom's Withdrawals; credit Cash. 5. An account that would be increased by a credit is: a.Cash. b.Accounts Receivable. c.Utilities Expense. d.Accounts Payable. 6. A liability would be credited and an expense debited if: a.the business bought supplies for cash. b.the business incurred an expense and did not pay the expense immediately. c.the business bought supplies on account. d.the business paid a creditor.
In 2005, 509 Brunswick Avenue was sold for $550,000. A reasonable allocation of this amount is considered to be 75% to the building and 25% to the land.
proposals m and n each cost 600000 and have 6 year lives and have expected total cash flow of 750000. proposal m is
The yearly depreciation on the building is $2,000. Required: Prepare the general journal entries to record the stock issue and the purchase of the land and building on January 1 and the depreciation expense on December 31, 2010.
1. would you agree with someone who said that a situation analysis is not particularly useful since all competitors in
Determine the dividends per share and total cash dividends paid to the preferred and common stockholders during each of the four years. If an amount is zero, enter "0". If required, round your answers to two decimal places.
guenther firmin both of whom are cpas form a partnership with guenther investing 100000 and firmin 80000. they agree to
The percent a company adds to its cost of sales to determine selling price is called a markup. What is Tootsie Roll'smarkup percent? Round to one decimal place.
All other fixed manufacturing overhead costs represent current cash flows. The January cash disbursements for manufacturing overhead on the manufacturing overhead budget should be:
it is important to have performance measures to evaluate managers as they control resources and invest in assets for
Why is determining cost to manufacture a product quite a different activity from determining how to control such costs?
hanson company is constructing a building. construction began on february 1 and was completed on december 31.
Management estimates that it costs $500 to analyze and close a commerical loan. This amount has been included in the $250,000 of inderict costs. How much of the $250,000 indirect costs should be allocated to the Consumer Department?
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