A company's balance sheet contained the following information: Common Stock$24,000 Total Assets$352,000 Accounts Payable 128,000 Retained Earnings 56,000 Notes Payable is the only other item on the balance sheet. Notes Payable must equal:
A. $144,000.
B. $16,000.
C. $688,000.
D. $400,000.
Answer: A
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Answer the following statement true (T) or false (F)
Assume the following facts for Lowmann Company: The month-end bank statement shows a balance of $40,000; outstanding checks total $2,000; a deposit of $8,000 is in transit at month-end; and a check for $400 was erroneously charged against the account by the bank. What is the correct cash balance at the end of the month?
a. $33,600 b. $34,400 c. $45,600 d. $46,400
Downwind Land Corporation and Leeward Investments Company transfer their property to Financial Managers, Inc., which manages the property and distributes the profits to Downwind and Leeward. This form of a business organization is
A. a business trust. B. a joint stock company. C. a joint venture. D. a syndicate.
During the market growth stage of the product life cycle, a producer would focus promotional efforts on creating ________ demand for its own brand.
A. competitive B. selective C. persuasive D. customer E. discerning