Use this information pertaining to the Alvino Corporation to answer the following question. 1 . The corporation's Store Supplies account showed a beginning debit balance of $200 and supplies purchased of $800 . There were $300 of supplies on hand at year end. 2 . Depreciation on a building is estimated to be $5,000. 3 . A one-year insurance policy was purchased for $2,000 . Three months have
passed since the purchase. 4 . Accrued interest on a note receivable amounted to $100. 5 . The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-fourth of the services had been performed. The adjusting entry for the insurance policy is
a. Prepaid Insurance 500
Insurance Expense 500
b. Insurance Expense 1,500
Prepaid Insurance 1,500
c. Prepaid Insurance 1,500
Insurance Expense 1,500
d. Insurance Expense 500
Prepaid Insurance 500
D
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After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $37,875 and $32,735, respectively. What is the amount of net income or net loss for the period?
A) $5,140 net income B) $37,875 net loss C) $5,140 net loss D) $32,735 net income
As CEO of a manufacturing firm, you introduce a standardized process to measure the carbon footprints of your entire product line and report the information on the labels of your products. In Zadek’s corporate responsibility model, you are in ________ mode while facing a(n) ________________ issue.
a. defensive; latent b. civil; institutionalized c. managerial; latent d. defensive; emerging
Which of the following factors most likely would lead a CPA to conclude that a potential audit engagement should be rejected?
A. The details of most recorded transactions are not available after a specified period of time. B. Internal control activities requiring segregation of duties are subject to management override. C. It is unlikely that sufficient appropriate evidence is available to support an opinion on the financial statements. D. Management has a reputation for consulting with several accounting firms about significant accounting issues.
Of the following articles from a business magazine, which is most likely to be about a macro-marketing topic?
A. "L'eggs Sells Direct in Brazil and Argentina" B. "Chinese Women Demand More Luxury Goods" C. "Coke Losing Beverage Sales in India to local brands" D. "Girl Scouts Organize Nationwide Cookie Sale" E. "Frito-Lay Offers New Low-Fat Products"