All of the following items would appear on the balance sheet except
A) Dividends.
B) Common Stock.
C) Accounts Receivable.
D) Patents.
A
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The board of directors of Meckes Corporation, at a regular meeting of the board, entered into a contract with Peter, one of the directors. The agreement called for the sale of a retail store the corporation operated to Peter. There were 12 board members, 10 of whom were present at the meeting. Nine directors, including Peter, voted in favor of the contract and one voted against it. In view of these facts, which of the following is correct?
A. The contract between Peter and the corporation is illegal. B. If the contract is unfair to the corporation, it is voidable at the option of the corporation. C. The contract is valid because Peter's vote was not necessary for approval of the contract. D. A director cannot enter into a contract with a corporation of which he is a director.
A tanning salon is an example of a people-based service
Indicate whether the statement is true or false
How do support elements and additional sources in a pitch make a connector's job easier?
What will be an ideal response?
Valley Spa purchased $7,800 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, but Tubman intends to continue collection efforts, what is the journal entry to record the dishonored note? (Use 360 days a year.)
A. Debit Accounts Receivable $7,930; debit Bad Debt Expense $130; credit Notes Receivable $8,060. B. Debit Bad Debt Expense $7,800; credit Notes Receivable $7,800. C. Debit Accounts Receivable-Valley Spa $7,930, credit Interest Revenue $130; credit Notes Receivable $7,800. D. Debit Accounts Receivable-Valley Spa $7,800; credit Notes Receivable $7,800. E. Debit Bad Debt Expense $7,930; credit Accounts Receivable $7,930.