Accounting Uil Practice

38. Sooner Company has had a net income of $8,000, $5,000, $12,000, and $10,000 over the first four years of the company's existence. If the average annual amount of dividends paid over the last four years is $3,000, what is the ending retained earnings balance?
A. $47,000.
B. $35,000.
C. $23,000.
D. $7,000. – C. $23,000.
limit order to sell – an order to sell stocks only if the can be sold a certian price
fundamental analysis – a method based on pask stock movements
Estimated Useful Life – Length of service expected from using the asset, meaning you still use it to generate revenue
rents, comissions – operating income, income
Companies use a petty cash fund to pay relatively small amounts.
A. True
B. False – TRUE
Account – A device for recording the changes (increases and decreases) in the fundamental accounting elements.
In the process of reconciling its bank statement for April, Donahue Enterprises' accountant compiles the following information:       Cash balance per company books on April 30 $ 6,275 Deposits in transit at month-end $ 1,300 Outstanding checks at month-end $ 620 Bank charge for printing new checks $ 45 Note receivable and interest collected by bank on Donahue’s behalf $ 770 A check paid to Donahue during the month by a customer is returned by the bank as NSF $ 480 The adjusted cash balance per the books on April 30 is:
What does the word equities refer to – it refers to claims to the assets of the business.
Account Balance – The difference between the total debits and total credits in an accounts.
The account Sales Returns and Allowances is a contra account. – True
Cash Flow – explains expenditures and income
In the prоcess оf recоnciling its bаnk stаtement for April, Donаhue Enterprises' accountant compiles the following information:       Cash balance per company books on April 30 $ 6,275 Deposits in transit at month-end $ 1,300 Outstanding checks at month-end $ 620 Bank charge for printing new checks $ 45 Note receivable and interest collected by bank on Donahue’s behalf $ 770 A check paid to Donahue during the month by a customer is returned by the bank as NSF $ 480 The adjusted cash balance per the books on April 30 is:
27. Use the following appropriate amounts to calculate net income: Revenues, $12,000; Liabilities, $5,000; Expenses, $4,000; Assets, $19,000; Dividends, $4,000.
A. $6,000.
B. $8,000.
C. $4,000.
D. $14,000. – B. $8,000.
allowance method – bad debts expense and allowance for uncollectible accounts
temporary accounts are – – revenue, expenses, dividends, income statement
annuity – yıllık düzenli gelir
commercial paper – short-term amounts owed to investory, very short term borrowing, usually 10-90 days

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