Border Company's cash account had a balance of $962 on August 31 . This included a bank deposit of $87 that was in transit on the 31st. The August 31 bank statement contained the following information: Bank Statement Balance $1,089 NSF check 16 Bank Service Charge 7 Collection of notes receivable 68 Border also had checks outstanding of $169 . What is Border's adjusted cash balance at August 31?
a. $ 920
b. $ 940
c. $1,007
d. $1,089
c
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Las Palmas Company reported the following items on its financial statements for the year ending December 31, 2016: Sales $ 560,000 Cost of goods sold $400,000 Salary expense 40,000 Interest expense 30,000 Dividends 30,000 Income tax expense 25,000 How much will be reported as retained earnings on Las Palmas' balance sheet at December 31, 2016, if this is the first year of operations?
a. $ 45,000 b. $ 35,000 c. $ 85,000 d. Not enough information is provided.
Brooks Company sells merchandise to customers. Under the accrual basis of accounting, Brooks should normally recognize:
A) revenue and the related expenses in the same accounting period as earned, whether payment is received or not. B) revenue when cash is collected and expenses when Brooks pays its creditor for the merchandise. C) revenue and expenses after all payments are made. D) expenses in the period the merchandise is sold and defer revenue recognition until the customer pays for the merchandise.
Answer the following statement(s) true (T) or false (F)
1. In global companies the central corporate office still has the dominant decision-making power. 2. Soliciting input from employees with different backgrounds and life experiences positively impact the companies external outputs and internal processes. 3. Women migrate autonomously in far less numbers than men. 4. Global legislative trends banning discrimination have required employers to provide designated groups a competitive advantage when seeking jobs. 5. Unbalanced fertility rates in different regions of the world are projected to create unprecedented workforce tensions.
Wang Co. manufactures and sells a single product that sells for $450 per unit; variable costs are $270. Annual fixed costs are $800,000. Current sales volume is $4,200,000. Compute the break-even point in units.
A. 1,933. B. 2,900. C. 4,444. D. 1,160. E. 5,500.