A sole proprietorship was formed on January 1, Year 1, when it received $90,000 cash from Kaitlyn Conrad, the owner. During Year 1, the business earned $138,000 in cash revenues and paid $102,400 in cash expenses. Conrad withdrew $16,000 in cash during the year. Required: Prepare an income statement, capital statement, and balance sheet.
What will be an ideal response?
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Some smaller companies act as one-stop-shops, which means that the service desk is fully responsible for resolving all incidents and service requests, even if they need to do extensive research or even programming changes.
Answer the following statement true (T) or false (F)
A __________ team is composed of a manager and his or her subordinates in the formal chain of command.
What will be an ideal response?
An expense account is normally closed by debiting Income Summary and crediting the expense account.
Answer the following statement true (T) or false (F)
Scenario 3.1 Use the following to answer the questions. Meyers Sporting Goods, a national chain, has been doing business with Soljur Sports, a manufacturer of skateboards, for several years. Recently, it came to the attention of Meyers' financial director that the average cost per Soljur Sports skateboard had substantially increased over that of the previous year. The financial director asked the marketing department if they knew what the Soljur skateboards cost at competing sporting goods stores, to see if they too were likely hit with a higher cost. The marketing department found that the Soljur skateboards were priced at $15 less in the competing store than at Meyers. The financial director found that Soljur Sports was selling a similar number of skateboards to one of Meyers'
competitors for $10 less per skateboard. The attorney for Meyers Sporting Goods immediately filed a complaint with the Federal Trade Commission. Refer to Scenario 3.1. Suppose that a customer has a complaint against Meyers Sporting Goods stores. He files a complaint with the Better Business Bureau. What action could the BBB take against Meyers if the complaint was substantiated and Meyers did not change the offending practice? A. Issue a cease-and-desist order. B. Seek a $10,000 monetary penalty. C. Issue a warning to consumers through the local newspaper. D. Order Meyers to make restitution. E. Seek a $5,000 monetary penalty.