After the accounts are closed and the journal entries have been posted, which of the following accounts would have a balance?
a. Payroll Tax Expense; b. Accumulated Depreciation; c. Professional Fees; d. Drawing; e. Sales
B
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Use the equation presented below to answer the question that follows: Cash = CL + LTL + CS + RE – NCCA – LTA where: CL = Current liabilities LTL = Long-term liabilities CS = Common stock RE = Retained earnings NCCA = Noncash current assets LTA = Long-term assets Which of the following activities results in a cash inflow?
a. Increases in noncash current assets (NCCA) b. Decreases in current liabilities (CL) c. Increases in common stock (CS) d. Decreases in retained earnings (RE)
Predetermined overhead costs are the same as standard costs
Indicate whether the statement is true or false
On a fixed rate mortgage,
A) the contract rate and the monthly interest payment remain constant over the term of the loan. B) the contract rate and the monthly mortgage payment remain constant over the term of the loan. C) the contract rate and the monthly repayment of principal remain constant over the term of the loan. D) the contract rate, the monthly mortgage payment, the monthly interest payment, and the repayment of principal remain constant over the term of the loan.
Prepare the journal entry to record the acquisition of a plant asset for $5,000 cash
What will be an ideal response