Which of the following statements is true?
A. The balance in the retained earnings account in the trial balance will equal the retained earnings balance on the balance sheet only after closing entries have been posted to the general ledger.
B. Equal totals in a trial balance guarantees that no errors were made in the recording process.
C. Adjusting entries are recorded after the closing entries have been recorded.
D. Debits are equal to credits only after closing entries have been recorded.
Answer: A
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To measure a firm's economic performance and position in a given period, it makes sense to measure all of the following except:
a. The daily free cash flow published by the Wall Street Journal. b. Expenses incurred for resources consumed in that period. c. A portion of the long-lived resources consumed during that period. d. The cost of commitments made during that period to pay retirement benefits to employees in future periods.
Which of the following matters is the least proper subject of inquiry by a prospective tenant of an apartment?
a. the hours during which outdoor lights are kept lit b. the number and kinds of crimes that have occurred on the premises during the preceding six months c. the number and kind of lawsuits that have been filed by the landlord during the preceding six months d. the last time the lock to the apartment being considered for rental was changed
An S corporation earns $6.00 per share before taxes. The corporate tax rate is 35%, the personal tax rate on dividends is 20%, and the personal tax rate on non-dividend income is 39%
What is the total amount of taxes paid if the company pays a $2.00 dividend? A) $1.87 B) $2.81 C) $3.28 D) $2.34
On January 1, Year 1, Victor Company issued bonds with a $450,000 face value, a stated rate of interest of 6%, and a 5-year term to maturity. The bonds sold at 95. Interest is payable in cash on December 31 of each year. Victor uses the straight-line method to amortize bond discounts and premiums.What is the carrying value of the bond liability at December 31, Year 3?
A. $432,000 B. $441,000 C. $436,500 D. $445,500