Which of the following normally have credit balances?
a. An asset account
b. An expense account
c. A liability account
d. An owner's drawing account
c
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When the document is in the custody of a public office:
a. it is permissible to obtain photocopies, which are considered secondary evidence, in a court of law. b. copies of the document should be made but kept separate from the original document. c. the document (or a copy) cannot be used as evidence, in a court of law. d. a summary of the document will suffice.
A company sells its product subject to a warranty that covers the cost of parts for repairs during the six months after the date of sale. Warranty costs are estimated to be 5% of sales. During the month of July, the company performed warranty work and used $11,000 of parts to perform the warranty work. Sales for July were $450,000. 1. Record the warranty expense for the month of July. 2. Record the costs of the warranty work completed in June. 3. If the Estimated Warranty Liability account had a credit balance of $10,000 on May 31, what is the account balance at July 31?
What will be an ideal response?
______ conflict prevents the achievement of individual and organizational objectives.
A. Dysfunctional B. Functional C. Forcing D. Avoiding
Rosewood Company made a loan of $8600 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate of interest. What is the amount of interest revenue that Rosewood would report in Year 1 and Year 2, respectively?
A. $0 in Year 1 and $516 in Year 2 B. $129 in Year 1 and $387 in Year 2 C. $387 in Year 1 and $129 in Year 2 D. $516 in Year 1 and $0 in Year 2