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Indicate whether the statement is true or false
FALSE
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Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 400 shares to its attorneys in payment of a $5,000 charge for drawing up the articles of incorporation. The entry to record this transaction would include:
A. A debit to Organization Expenses for $5,000. B. A debit to Organization Expenses for $4,000. C. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $5,000. D. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000. E. A credit to Common Stock for $5,000.
Jenning Co adjusts its books each month but closes its books at the end of the year. The trial balance at July 31 before adjustments is as follows: Debit Credit Cash $12,920 Accounts Receivable 9,620 Supplies 1,400 Prepaid Insurance 3,120 Equipment 26,000 Accumulated Depreciation—Equipment $10,400 Unearned Service Revenue 6,500 Capital Stock 7,190 Retained Earnings 23,500 Dividends 1,560
Service Revenue 16,510 Wages and Salaries Expense 7,800 Utilities Expense 380 Rent Expense 1,300 $64,100 $64,100 Refer to the trial balance of Jenning Co (Round calculations to the nearest dollar.) If the equipment had an estimated useful life of five years and no salvage value, what is its book value at July 31, after the proper monthly July adjustment is recorded? a. $10,400 b. $25,567 c. $15,167 d. $10,833
Because of the risk of material misstatement, an audit of financial statements in accordance with generally accepted auditing standards should be planned and performed with an attitude of:
A. impartial conservatism. B. independent differentialism. C. objective cynicism. D. professional skepticism.
Which of the following types of general surveys measure the same group of respondents over time but not necessarily on the same variables?
A) periodic surveys B) panel surveys C) shared surveys D) parallel surveys E) regular surveys