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Generally accepted accounting principles:

Astoria Company had the following transactions during the month of August Year 1: (1) Cash received from bank loans was $20,000. (2) Dividends of $9,500 were paid to stockholders in cash. (3) Revenues earned and received in cash amounted to $33,500. (4) Expenses incurred and paid were $26,000. What amount of net income will be reported on an income statement for the month of August?

The following transactions occurred during March, the first month of operations for Babu Galleries, Incorporated: Capital stock was issued in exchange for $360,000 cash. Purchased $180,000 of equipment by making a $60,000 cash down payment and signing a note payable for the balance. Made a $35,000 cash payment on the note payable from the purchase of equipment. Sold a piece of equipment for cash of $18,000. The equipment was sold at cost, so there is no gain or loss on the sale. What is the balance in the Cash account at the end of March?

Which of the following best defines an asset?

[a] g of sucrose (C12H22O11) is dissolved in [b] L of water with a resulting density of 1.03g/mL.  Determine the mass percent of sucrose in the resulting solution. Record your answer to two decimal places, do not include units.    

[a] g of sucrose (C12H22O11) is dissolved in [b] L of water (DH2O=0.9997g/mL).  Determine the mole fraction of sucrose in the resulting solution. Record your answer to three decimal places, do not include units.  

If a company purchases equipment on account:

The collection of accounts receivable is recorded by a:

Benes Muffin Tops, Inc. purchased cash registers on April 1 for $12,000. If this asset has an estimated useful life of four years, what is the book value of the cash registers on May 31?

The process of originally recording a business transaction in the accounting records is termed: