In completing the work sheet, what is the reason for adding the net income for the year to the Balance Sheet Credit column?
a. Owner's equity
is not up-to-date; b. Cash is not up-to-date; c. Owner's withdrawal is not
up-to-date; d. Sales are not up-to-date; e. Liabilities are not up-to-date.
A
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Labor productivity multiplied by the number of hours worked gives
A. the hourly wage rate. B. the average product of labor. C. total factor productivity. D. total output.
The accountant of Action Adventure Games prepared a balance sheet after every 10-day period. The only resources invested by the stockholder were at the start of the company on June 1. During June, the first month of operation, the following balance sheets were prepared:ACTION ADVENTURE GAMESBalance SheetJune 10Assets?Equity?Cash……………………..$60,000Common stock……………..$60,000Total assets………………$60,000Total liabilities and equity…$60,000ACTION ADVENTURE GAMESBalance SheetJune 20 Assets?Liabilities?Cash……………………. $48,000Notes payable……. $18,000Land……………………. 10,000Equity?Building…………………20,000Common stock…..60,000Total assets…………..$78,000Total liabilities and equity$78,000ACTION
ADVENTURE GAMESBalance SheetJune 30Assets?Liabilities?Cash……………………. $51,000Accounts payable….$2,000Office supplies…………2,000Notes payable……. 18,000Land……………………. 10,000Equity?Building…………………20,000Common stock…..60,000??Retained earnings3,000Total assets…………..$83,000Total liabilities and equity$83,000Required: Describe the nature of each of the four transactions that took place between the balance sheet dates shown. Assume only one transaction affected each account.June???10??20??30???? What will be an ideal response?
Acknowledging a special favor, such as a job recommendation, is an example of using professional courtesy
Indicate whether the statement is true or false
When teams must obtain clearance from others before they act, a ________ relationship is created.
A. work-flow B. stabilization C. liaison D. procedural E. service