Author: Anonymous

Rushing had income of $150 million and average invested assets of $1,800 million. Its return on assets is:

A company had revenues of $75,000 and expenses of $62,000 for the accounting period. Dividends of $8,000 were paid in cash during the same period. Which of the following entries could not be a closing entry?

Maitland, Inc. has a $200 petty cash fund. At the end of the first month the accumulated receipts represent $43 for delivery expenses, $127 for merchandise inventory, and $12 for miscellaneous expenses. The fund has a balance of $18. The journal entry to record the reimbursement of the account includes a:

Buster’s Meats bought $4,000 worth of merchandise from Chainey Brothers and signed a 90-day, 6% promissory note for the $4,000. Chainey Brothers’s journal entry to record the collection on the maturity date is: (Use 360 days a year.)

A bond is an issuer’s written promise to pay an amount identified as the par value of the bond along with periodic interest payments. 

Popler Company had cash sales of $94,275, credit sales of $83,450, sales returns and allowances of $1,700, and sales discounts of $3,475. Popler’s net sales for this period equal:

An adjusting entry was made on year-end December 31 to accrue salary expense of $1,200. Assuming the company does not prepare reversing entries, which of the following entries would be prepared to record the $3,000 payment of salaries in January of the following year?

Accounting is an information and measurement system that does all of the following except:

Horizontal analysis is the comparison of a company’s financial condition and performance to a base amount.

Dental Supply accepted a $4,800, 90-day, 10% note from Tracy Janitorial on October 17. What entry should Dental Supply make on December 31, to record the accrued interest on the note?