Like sales revenue, cost of goods sold represents an inflow of assets
a. True
b. False
Indicate whether the statement is true or false
False
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Keep illustrations ________________
a. dynamic b. complex c. simple d. in appendices
The following trial balance is prepared from the general ledger of HG's Auto Maintenance.HG'S AUTO MAINTENANCETrial BalanceOctober 31?DebitCreditCash $1,975?Accounts receivable 2,800?Supplies 500?Shop equipment 13,000?Office equipment 6,600?Accounts payable ?$ 4,510Common Stock ?22,000Dividends 4,200?Repair fees earned ?11,875Supplies expense 8,600?Totals $37,675$38,385Because the trial balance did not balance, you decided to examine the accounting records. You found that the following errors had been made:1. A purchase of supplies on account for $245 was posted as a debit to Supplies and as a debit to Accounts Payable.2. An investment of $500 cash by the sole stockholder was debited to Common Stock and credited to Cash.3. In computing the balance of the
Accounts Receivable account, a debit of $600 was omitted from the computation.4. One debit of $300 to the Dividends account was posted as a credit.5. Office equipment purchased for $800 was posted to the Shop Equipment account.6. One entire entry was not posted to the general ledger. The transaction involved the receipt of $125 cash for repair services performed for cash.Prepare a corrected trial balance for the HG's Auto Maintenance as of October 31. What will be an ideal response?
As a rule, smaller and newer firms are traded on OTC markets.
Answer the following statement true (T) or false (F)
Under both state and federal law, a shareholder can generally revoke a proxy at any time.
Answer the following statement true (T) or false (F)