Which of the following bank reconciliation items would not result in a journal entry?
a. Service charge
b. NSF check of customer
c. Collection of a note by the bank
d. Outstanding checks
D
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Briefly explain the difference between Unearned Art Fees and Art Fees Earned
Carl wants to recover in a products liability lawsuit because of a couch that he bought. He must
prove the following except: A) That he in fact was injured. B) That the injury resulted from a defect in the product. C) That the product caused the injury. D) That he had a contractual relationship with the manufacturer. E) None of the above
Klutz Dance Studio had net income of $167,000 for the year just ended. Klutz collected the following additional information to prepare its statement of cash flows for the year:??Decrease in accounts receivable$24,000Increase in accounts payable$11,000Increase in retained earnings$92,000Cash paid for purchase of new music equipment$20,000Depreciation expense$5,000Klutz uses the indirect method to prepare its statement of cash flows. What is Klutz's net cash provided by (used in) operating activities?
A. $185,000 B. $207,000 C. $137,000 D. $95,000
Compute the net pay for Will Barrett and Eric Martin. Assuming that they are paid biweekly, subject to federal income tax (using the wage-bracket method in Appendix C) and FICA taxes, and have no other deductions from their pay. Will’s deduction if he chooses to participate in the qualified cafeteria plan is $75; Eric’s is $250. There is no deduction if they do not participate in the
qualified cafeteria plan. What will be an ideal response?