Answer the following statements true (T) or false (F)
1. A trial balance contains the name of the company, the words "trial balance" and the date of the statement.
2. The required accounting period for a trial balance is one year.
3. If debits equal credits on the trial balance, it means that all the steps in the accounting process are correct.
4. Once the trial balance is correct, the next step is to prepare the financial statements, beginning with the Income Statement
5. An entry could have been posted twice and the trial balance might still balance.
1. TRUE
2. FALSE
3. FALSE
4. TRUE
5. TRUE
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What will be an ideal response?
The _______________________________ was introduced in Congress in 1995 to explicitly exclude labor-management committees that do not seek to negotiate collective bargaining agreements from Section 8(a)(2) of the NLRA.
Fill in the blank(s) with the appropriate word(s).
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The company's management estimates that 2% of net credit sales will be uncollectible for the year 2017. Net credit sales for the year were $250,000. Prepare the journal entry to record the bad debts expense on December 31, 2017. What will be an ideal response
Fred and Barney started a partnership. Fred invested $20,000 in the business and Barney invested $32,000. The partnership agreement stipulated that profits would be divided as follows: Each partner would receive a 15% return on invested capital with the remaining income being distributed equally between the two partners. Assuming that the partnership earned $38,000 during an accounting period, the amount of income assigned to the two partners would be: Fred BarneyA.$20,500 $17,500 B.$20,000 $18,000 C.$19,000 $19,000 D.$18,100 $19,900
A. Choice A B. Choice B C. Choice C D. Choice D