The most widely used depreciation method is
a. straight-line
b. other
c. units-of-output
d. double-declining-balance
a
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Notes payable may be issued to creditors to satisfy previously created accounts payable
a. True b. False Indicate whether the statement is true or false
__________ is a statistical technique used to combine the results of many different research studies done in a variety of organizations and for a variety of jobs.
A. Standard deviation B. Path analysis C. Analysis of variance D. Regression E. Meta-analysis
Explain the meaning of the term, internal control, and distinguish between accounting controls and administrative controls.
What will be an ideal response?
Shaw Corporation reported stockholders' equity on December 31 of the prior year as follows: Common stock, $5 par value, 1,000,000 shares authorized, 500,000 shares issued…….$2,500,000Paid-in capital in excess of par, common stock...1,000,000Retained earnings……………………………….3,000,000The following selected transactions occurred during the current year:Feb. 15The board of directors declared a 5% stock dividend to stockholders of record on March 1, payable March 20. The stock was selling for $8 per share.Mar. 9Distributed the stock dividend.May 1A cash dividend of $0.30 per share was declared by the board of directors to stockholders of record on May 20, payable June 1.June 1Paid the cash dividend.Aug. 20The board decided to split the stock 4-for-1, effective on
September 1.Sept. 1Stock split 4-for-1.Dec. 31Earned a net income of $800,000 for the current year.Prepare a statement of retained earnings as of December 31 of the current year. What will be an ideal response?