At the end of a month, a business shows the following balances in its ledger
Use this data to prepare a trial balance.
What will be an ideal response
Trial Balance
Last Day of the Month
Account Title Debit Credit
Cash $ 5,000
Accounts Receivable 1,200
Office Supplies 200
Land 20,000
Accounts Payable $ 1,300
Common Stock 1,000
Service Revenue 35,500
Rent Expense 4,500
Salaries Expense 6,000
Utility Expense 900 _______
Total $37,800 $37,800
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Steven Company owns 40% of the outstanding voting common stock of Nicole Corp. and has the ability to significantly influence the investee's operations. On January 3, 2018, the balance in the Investment in Nicole Corp. account was $503,000. Amortization associated with this acquisition is $12,000 per year. During 2018, Nicole earned net income of $120,000 and paid cash dividends of $40,000. Previously in 2017, Nicole had sold inventory costing $35,000 to Steven for $50,000. All but 25% of that inventory had been sold to outsiders by Steven during 2017; the remainder was sold in 2018. Additional sales were made to Steven in 2018 at an intra-entity selling price of $75,000. The goods in the intra-entity sales cost Nicole $54,000. Only 10% of the 2018 intra-entity purchases from Nicole had
not been sold to outsiders by the end of 2018.What amount of gross profit on 2017 intra-entity sales should Steven defer at December 31, 2017? What will be an ideal response?
International Business English is the most common medium for _______________________ worldwide
a. news reporting b. political interaction c. education d. conducting business
What U.S. government agency has the primary responsibility in reviewing food and package labels to ensure claims made by the manufacturer about the product are true?
A. Federal Communications Commission B. Interstate Commerce Commission C. Federal Trade Commission D. Food and Drug Administration E. Consumer Product Safety Administration
Your video-game addicted nephew tells you that the Nintendo Wii is much better than the Microsoft X-Box
To take advantage of this information, you decide to build a two asset portfolio by buying shares in Nintendo and selling shares short in Microsoft. For your long position you buy 1700 shares of Nintendo at a price of $40 per share. For the short position, you sell 1000 shares in Microsoft at a price of $35 per share. What is the portfolio weight for your short position in Microsoft? A) -1.06 B) -0.94 C) 0 D) 0.34 E) 0.50