[The following information applies to the questions displayed below.] The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash$4,000 Accounts receivable$3,400 Dividends 2,000 Common stock 3,900 Land 3,200 Revenue 3,200 Accounts payable 1,800 Expense 2,200 Retained earnings 5,900 What is the amount of net income that will be reported on the Year 1 income statement?
A. $2,200
B. $1,000
C. $3,200
D. $200
Answer: B
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Selected data from the accounting records of Webb Company are listed below: General & administrative expenses $2,200 Operating revenues $6,000 Selling expenses 1,800 Income taxes 600 Other revenues (expenses) 800 Dividends paid 1,200 Read the information about Webb Company. What is Webb's income from operations?
a. $ 1,600 b. $ 2,000 c. $ 2,200 d. $ 2,800
A company check for payment must be signed by ________.
A) the company president B) a bank employee C) an employee specifically authorized by the company D) the external auditor
Companies report prior period adjustments, net of any income tax effects in the:
A. Income statement. B. Statement of retained earnings. C. Balance sheet. D. Statement of cash flows. E. No disclosure is required.
Rebates work most effectively when offered in conjunction with a high-involvement purchase in which the perceived value of the rebate is magnified.
Answer the following statement true (T) or false (F)