A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.)
A) $16,780 debit.
B) $7,180 credit.
C) $16,780 credit.
D) $18,280 credit.
E) $23,780 credit.
C) $16,780 credit.
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The Cardwell Company purchased a machine on January 2, 2016, at a cost of $1,200,000. The machine had an estimated useful life of eight years and a residual value of $120,000. Cardwell computes depreciation by the sum-of-the-years'-digits method. What amount, net of accumulated depreciation will appear on the company's December 31, 2018, balance sheet for this machine?
A) $570,000 B) $630,000 C) $805,094 D) $1,080,000
Which of the following is an example of line extensions?
A) introduction of the personal computer B) a firm's entry into various packaged food categories C) introduction of a new flavor of ice crème by a company D) introduction of improved version of a detergent powder by a firm
Which of the following statements is true of the Equal Pay Act?
A. It requires that both sexes have equal pay for jobs that require equal responsibility and that are performed under similar working conditions. B. It is designed to prevent problems such as underfunding and careless management of funds. C. The Equal Pay Act was passed as an amendment to the National Labor Relations Act, prohibiting sex discrimination in pay. D. Equal rates of pay are permitted under seniority and merit systems as well as other incentive systems.
One of the best ways to control a petty cash fund is through an imprest system
Indicate whether the statement is true or false