Maryland Vacations has a $2,200 account receivable from the Miami Kiwanis. On March 11, the Kiwanis makes a partial payment of $1,050 to Maryland. The journal entry made on March 11 by Maryland to record this transaction includes:
a. A debit to the Cash account of $1,150.
b. A debit to the Accounts Receivable account of $1,150.
c. A credit to the Service Revenue account of $1,050.
d. A credit to the Accounts Receivable account of $1,050.
d
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The principal of fiduciary funds may be distributed
Indicate whether the statement is true or false
Farmer and Taylor formed a partnership with capital contributions of $200,000 and $250,000, respectively. Their partnership agreement calls for Farmer to receive a $70,000 per year salary. The remaining income or loss is to be divided equally. If the net income for the current year is $135,000, then Farmer and Taylor's respective shares are:
A. $106,140; $28,860. B. $102,500; $32,500. C. $130,000; $5,000. D. $67,500; $67,500. E. $90,000; $45,000.
Linzey Corporation has provided the following data: Year 2Year 1Common stock, $2 par value$120,000 $120,000 Retained earnings$747,000 $720,000 Total stockholders' equity$927,000 $900,000 The company's net income in Year 2 was $33,000. The company's book value per share at the end of Year 2 is closest to:
A. $12.45 per share B. $0.55 per share C. $22.45 per share D. $15.45 per share
Social class has been difficult to measure; therefore, many researchers simply ask respondents to identify the social classes of different individuals. This is referred to as the ________ method of measuring social class.
a. second-person b. class-subjective c. third-order d. reputation