Author: Anonymous

Cash and office supplies are both classified as current assets.

Hippo Company’s Merchandise Inventory account at year-end has a balance of $91,820, but a physical count reveals that only $90,450 of inventory exists. The adjusting entry to record this $1,370 of inventory shrinkage is:

Debit means increase and credit means decrease for all accounts.

A company had $7,000,000 in net income for the year. Its net sales were $15,200,000 for the same period. Calculate its profit margin.

A bondholder that owns a $1,000, 10%, 10-year bond has:

Which financial statement reports an organization’s financial position at a single point in time?

Which of the following transactions or events should be reported as a source of cash from operating activities when using the direct method?

Royal Spa purchased $7,800 in plumbing components from Plumbing Co. Royal Spa signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, but Plumbing intends to continue collection efforts, what is the journal entry to record the dishonored note? (Use 360 days a year.)

Determine the net income of a company for which the following information is available for the month of July.       Employee salaries expense $ 180,000 Interest expense   10,000 Rent expense   20,000 Consulting revenue   400,000

A piece of equipment with a cost of $130,000, accumulated depreciation of $85,000, and current year depreciation expense of $17,000 is sold for $40,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is: