A contra asset will increase with a credit. TRUE or FALSE?
BR Earnings=100,000
ER Earnings=250,000
Assume that there were no dividends declared. What is the Net Income for the year?
-
250,000
-
150,000
-
175,000
-
125,000
Total Assets = 350,000
Total Liabilities = 200,000
Contributed Capital = 50,000
Retained Earnings = ?
-
90,000
-
100,000
-
75,000
-
55,000
BR Earnings=110,000/ ER Earnings=225,000. Assume that there were 50,000 in dividends declared. What is the net income for the year?
-
75,000
-
115,000
-
165,000
-
65,000
BR Earnings=175,000, ER Earnings=125,000. Assume that there were no dividends declared. What is the Net Income/Loss for the year?
-
(45,000)
-
65,000
-
25,000
-
55,000
-
(50,000)
Company purchased inventory for $470,000 & paid cash.The journal entry record the transaction will be:Cash.$470,000,Inventory..$470,000.TRUE or FALSE?
The journal entry to record employee wage expenses,which you will not pay yet,would be:Wage Expense...$xx,xxx, Wages Payable...$xx,xxx. TRUE or FALSE?
The customer has filed for bankruptcy.He owed you $25,000.The journal entry to record the write-off would increase your debt allowance. TRUE or FALSE?
You recently sold a piece of land for a gain of $250,000. This gain would be included on the income statement in the revenue section. TRUE or FALSE?
An item that costs $90 is sold for $120. The gross margin for this item is?
