Using the following transactions, calculate (a) the ending balance of Cash, (b) the ending balance of Accounts Receivable, (c) total liabilities, and (d) net income for the period
a. Opened business by issuing common stock for $20,000.
b. Billed customers for services rendered, $4,000.
c. Paid for six months' subscription in advance, $1,000.
d. Received advertising bill, to be paid next week, $200.
e. Dividends of $1,600 were declared and paid.
f. Received $3,000 from customers billed in b.
g. Paid half of advertising bill.
h. Received $400 in advance of performing a service.
a. $20,700 debit ($20,000 + $3,000 + $400 – $1,000 – $1,600 – $100)
b. $1,00 debit ($4,000 – $3,000)
c. $500 ($200 + $400 – $100)
d. $3,800 ($4,000 – $200)
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a. True b. False Indicate whether the statement is true or false
Schein suggests that leaders can use all but which of the following mechanisms to define the strength of an organization’s culture?
a. what leaders pay attention to, measure, and control b. how leaders react to critical incidents and organization crises c. what strategies the organization uses to process cultural information d. what criteria are used to reward employees
IOLTA accounts represent:
A) multiple client funds aggregated in one interest bearing account with interest paid to the attorney. B) multiple client funds aggregated in one non-interest bearing account. C) client funds held in individual interest bearing accounts. D) multiple client funds aggregated in one interest-bearing account with interest paid to a court-designated agency like Legal Aid.
Programs that assist attorneys and paralegals in determining the amount to invoice clients are:
A) legal research tools. B) legal powerpoint creators. C) legal time and billing applications. D) legal website creators.