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The major difference between the balance sheets of a service company and a
merchandising company is inventory.
Answer:
The process of determining the present value is referred to as _________________ the
future amount.
Answer:
To determine a new depreciation amount after a change in estimate of a plant asset's
useful life, the asset's remaining depreciable cost is divided by its remaining useful life.
Answer:
Prepare journal entries for each of the following transactions.
1> Performed services for customers on account $8,000.
2> Purchased $20,000 of equipment on account.
3> Received $3,000 from customers in transaction 1.
4> The company paid dividends of $2,000.
Answer:
On October 10, the board of directors of Pattern Corporation declared a 15% stock
dividend. On October 10, the company had 10,000 shares of $1 par common stock
issued and outstanding with a market price of $16 per share. The stock dividend will be
distributed on October 31 to shareholders of record on October 25. Journalize the
entries needed for the declaration and distribution of the stock dividend.
Answer:
Stockholders generally have the right to share in corporate _______________ and in
______________ upon liquidation.
Answer:
Dividends ________________ stockholders' equity but are not expenses.
Answer:
The following selected transactions pertain to Sinclair Corporation:
Instructions
Journalize the transactions.
Answer:
An adjusted trial balance proves the ______________ of the total debit and credit
balances after all ______________ entries have been made.
Answer:
The lower-of-cost-or-market basis of accounting for inventories should be applied when
the ______________ cost of the goods is lower than its cost.
Answer:
