The balance sheet of Old Gold Mines for the year ended June 30, 20x2, showed a balance in retained earnings of $6,000 million at the end of 20x2 and $4,600 million at the end of 20x1 . Net income for 20x2 was $2,400, million. Compute the amount of dividends Old Gold Mines declared during 20x2
a. $500 million
b. $1,000 million
c. $1,500 million
d. $2,000 million
e. $2,500 million
B
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When referring to a note receivable or promissory note
a. the maker is the party to whom the money is due b. the note is not considered a formal credit instrument c. the note cannot be factored to another party d. the note may be used to settle an accounts receivable
On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500 note. What is the journal entry needed to record the transaction by Jarrett Company?
A. Debit Accounts Payable $7,500; credit Notes Payable $7,500. B. Debit Cash $7,500; credit Notes Payable $7,500. C. Debit Cash $7,650; credit Notes Payable $7,650. D. Debit Cash $7,500; credit Accounts Payable $7,500. E. Debit Notes Receivable $7,500; credit Cash $7,500.
The federal government's authority to govern economic matters flows from the Commerce Clause
a. True b. False Indicate whether the statement is true or false
On December 31, 2016, $2,500 of salaries have been earned but not yet paid to employees. If the business failed to make an adjusting entry on December 31, 2016, indicate the effect on assets, liabilities, equity, and net income
Understated, Overstated, No Effect Assets Liabilities Equity Net Income What will be an ideal response