The accountant for Crusoe Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year$128,000?Cash dividends declared for the year 48,000?Proceeds from the sale of equipment 83,000?Gain on the sale of equipment 7400?Cash dividends payable at the beginning of the year 20,000?Cash dividends payable at the end of the year 22,400?Net income for the year 94,000?What is the ending balance for retained earnings?
A. $178,000.
B. $174,000.
C. $280,000.
D. $204,000.
E. $252,000.
Answer: B
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International accounting standards currently are moving toward the
a. comprehensive recognition approach. b. partial recognition approach. c. no-deferral approach. d. discounted comprehensive recognition approach.
Which of the following statements about formal and informal communication channels is most accurate?
A) All relevant organizational information should flow through formal communication channels. B) A free exchange of information within organizations should be avoided because it can lead to chaos. C) Managers should do everything possible to avoid grapevine communication within an organization. D) Companies should monitor social media sites to see what customers and others are saying about the company.
A company has a policy of paying salaries for contract labor on the 15th of the month following the labor services received. In December 2021, the company recorded $15,000 paid in salaries for labor services received in November 2021. In addition, labor services received in December 2021 were $12,000 and will be paid by the company on January 15, 2022. What adjusting entry will the company record on December 31, 2021?
A. Debit Salaries Expense and credit Salaries Payable for $3,000. B. Debit Salaries Expense and credit Salaries Payable for $27,000. C. Debit Salaries Expense and credit Salaries Payable for $12,000. D. Debit Salaries Expense and credit Cash for $15,000.
Under the terms of the trade agreement CAFTA-DR, the state-run telephone system in Costa Rica was opened up for competition. Now four main companies dominate the telecommunications industry for mobile phones and Internet. The telecommunications industry in Costa Rica went from being a(n) ___________ to a(n) _______________.
A. oligopoly; monopolistic competitive environment B. monopoly; monopolistic competitive environment C. monopoly; oligopoly D. monopolistic competitive environment; oligopoly E. pure competitive environment; oligopoly