Which of the following would not be a valid reason for keeping currency on hand at a place of business?
A) To pay small, unforeseen expenses
B) To make up for any imbalance in the books
C) To advance money to sales reps for travel expenses
D) To provide money for cash registers
B
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The cost reconciliation report has two sections: "Costs to be accounted for" followed by "Costs accounted for". The "Costs accounted for" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the costs added during the period.
Answer the following statement true (T) or false (F)
Ide is an ending used for the ______ in an ionic compound.
A. Metal B. Non Metal
Those people who do not have the legal and mental ability to enter into binding contracts are said to be ____________________
Fill in the blank(s) with correct word
Cash flows from operating activities for both the indirect and direct methods are presented for Audio Systems.Cash Flows from Operating ActivitiesNet income$45,000 ?Adjustments to reconcile net income to net cash flows from operating activities:?? Depreciation expense7,000 ? Decrease in accounts receivable9,000 ? Increase in accounts payable4,000 ? Decrease in income tax payable(6,000)? Net cash flows from operating activities?$59,000Cash Flows from Operating Activities Cash received from customers$93,000 ? Cash paid for operating expenses(22,000)? Cash paid for income taxes(12,000)? Net cash flows from operating activities?$59,000Required:Complete the following income statement for Audio Systems. Assume
all accounts payable are for operating expenses.Audio SystemsIncome StatementFor the Year Ended December 31, 2021Revenues?$? Expenses:?? Operating expenses? ? Depreciation expense7,000 ? Income tax expense ? ? Total expenses?? Net Income?$45,000 Hint: Use the following calculations and work backwards from bottom to top for each item.Revenues?± Change in accounts receivable?= Cash received from customers?Operating expenses?± Change in accounts payable?= Cash paid for operating expenses?Income tax expense?± Change in income tax payable?= Cash paid for income taxes? What will be an ideal response?