Unfortunately, the bookkeeper notices that two transactions for Patio Publications were not reflected in the balances of the trial balance: one to record $800 of accrued wages and salaries to be paid in the next period, and the other was the use of $560 of office supplies from the supplies on hand. If the Trial Balance column totals are $15,380 prior to discovering these mistakes, what are the
totals of the Trial Balance columns after the corrections are made?
a. $15,860
b. $15,140
c. $16,740
d. $16,180
d
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Using either the FIFO and LIFO cost flow assumption will result in the same cost of goods sold when
a. the number of units in beginning and ending inventory are the same. b. two consecutive years are combined. c. the prices of the goods do not change. d. lower-of-cost-or-market is applied. e. none of the above
Betterments are a type of capital expenditure.
Answer the following statement true (T) or false (F)
When developing the tone for a claim letter, ________
A) bear in mind that the person reading your message is seldom responsible for the problem B) state the facts of your claim logically, objectively, and unemotionally C) remember that smart businesses know that retaining a customer is far less costly than recruiting a new one D) keep all of these choices in mind
John Elliott and James Gardiner form a partnership to buy, repair and sell used cars. John is to do all the work; James supplies $10,000
They sign a limited partnership agreement limiting James's liability to $10,000 but do nothing else with the agreement. Which of the following statements is true? A) A partners' liability can never be limited to $10,000 B) James's liability could be limited but the failure to publicly register the limited partnership makes the limitation ineffective. C) James's liability is limited to $10,000 because he is a limited partner in the partnership agreement. D) Both A and B E) None of the above.