A merchandiser reports sales revenue of $25,000 and sales discounts forfeited of $1,500. The merchandiser uses a perpetual inventory system. The first entry in the closing process would include ________.
A) a credit to Income Summary for $26,500
B) a credit to Income Summary for $25,000
C) a debit to Income Summary for $26,500
D) a debit to Income Summary for $25,000
A) a credit to Income Summary for $26,500
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Answer the following statements true (T) or false (F)
Congress empowered the Securities and Exchange Commission (SEC) to regulate financial reporting in the 1930s.
The feeling of stress associated with trying to navigate around a strange city, which causes mental strain, and feelings of depression is termed ______________ in the textbook.
a. Accustoming b. Naturalization c. Culture shock d. Conditioning
The provisions of Public Law 98-353 (1984), 11 U.S.C. Section 1113 apply to employers under the National Labor Relation Act and also to employers under the:
a. National Labor Relations Act. b. Railway Labor Act. c. Securities Act. d. Fair Labor Standards Act.
Sperle Corporation has provided the following data concerning its stockholders' equity accounts: Year 2Year 1Stockholders' equity: Common stock, $5 par value$400,000 $400,000 Additional paid-in capital 60,000 60,000 Retained earnings 654,000 630,000 Total stockholders' equity$1,114,000 $1,090,000 Net income for Year 2 was $30,400. Dividends on common stock during Year 2 totaled $6,400. The market price of common stock at the end of Year 2 was $3.08 per share.The company's book value per share at the end of Year 2 is closest to:
A. $18.08 per share B. $13.93 per share C. $0.38 per share D. $8.18 per share