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A good internal control feature is to have several employees choose one person to
punch all of their time cards.
Answer:
Amy Pond, a fellow employee, wants to understand the basic steps in the recording
process. Identify and briefly explain the steps in the order in which they occur.
Answer:
Business documents can provide evidence that a transaction has occurred.
Answer:
The balance sheets of Red House Painters include the following:
The income statement for 2015 shows the following:
Instructions
Calculate the following for 2015:
1> Cash received for interest.
2> Cash paid for supplies.
3> Cash paid for salaries and wages.
4> Cash received for revenue.
Answer:
How is a gain or loss on the sale of a plant asset computed?
Answer:
On January 1, 2014, Brenner Company purchased at face value, a $1,000, 8% bond that
pays interest on January 1 and July 1. Brenner Company has a calendar year end.
The adjusting entry on December 31, 2014, is
Answer:
Identify which of the following accounts would appear in a post-closing trial balance.
Answer:
Rae Company uses a perpetual inventory system and made a purchase of merchandise
on credit from Tyree Corporation on August 3, for $9,000, terms 2/10, n/45. On August
10, Rae makes the appropriate payment to Tyree. The entry on August 10 for Rae
Company is
Answer:
If a worksheet is used, financial statements can be prepared before adjusting entries are
journalized.
Answer:
Township, Inc. has 10,000 shares of 5%, $100 par value, noncumulative preferred stock
and 100,000 shares of $1 par value common stock outstanding at December 31, 2014,
and December 31, 2015. The board of directors declared and paid a $50,000 dividend in
2014. In 2015, $110,000 of dividends are declared and paid. What are the dividends
received by the preferred and common shareholders in 2015?
Answer:
