Mary won a case at the U.S. Court of Appeals. When the case was reviewed by the Supreme Court, only eight judges were present. Four of the judges voted for Mary while the other four voted against her. Which of the following would be the result of this case?
A. The case will be sent to the U.S. Court of Appeals for a review.
B. Mary will win the case, as she had already won at the U.S. Court of Appeals.
C. The case will be reviewed again by the U.S. Supreme Court when all the judges are present.
D. Mary will win, and the case will set a precedent for later cases.
Answer: B
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On January 5, Thomas Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000is due on January 1 each of the next four years. The proper balance sheet presentation on December 31 is
a. Current Liabilities, $1,000,000 b. Current Liabilities, $250,000; Long-Term Debt, $750,000 c. Long-Term Debt, $1,000,000 d. Current Liabilities, $750,000; Long-Term Debt, $250,000
Composition agreements are:
A. made in a way that allows the promisor to decide whether or not to perform the promise. B. agreements entered into when someone promises not to file a legal suit in exchange for a promise to pay a certain sum of money or some other consideration. C. agreements between a debtor and two or more creditors who agree to accept a stated percentage of their liquidated claims against the debtor at or after the due date. D. generally treated as non-binding on the parties to the agreement because of the fact that doing so appears to be contrary to the general rule on liquidated debts.
A CR.5 posting reference in a subsidiary ledger signifies that the ________.
A) posting is transferred from the cash receipts journal, page 5 B) transaction on page number 5 is credited C) amount credited is after a 5% discount D) sales on credit is expected to be paid within five days
If revenues total $5,000 and expenses total $4,000, after all the closing entries have been journalized and posted, what will be the balance of the Income Summary account?
a. $1,000 b. $5,000 c. $6,000 d. $9,000 e. None of the above