Presentment is a demand made by or on behalf of a person entitled to enforce the instrument for:
a. payment by the drawee or other party obligated to pay the instrument.
b. acceptance by the drawee of a draft.
c. Both are correct.
d. None of these are correct.
c
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Bob and Bill allocate 2/3 of their partnership's profits and losses to Bob and 1/3 to Bill. The net income of the firm is $20,000. The journal entry to close the Income Summary will include ________. (Do not round any intermediate calculations.)
A) credit to Income Summary for $13,333 B) debit to Bob, Capital for $6667 C) credit to Bob, Capital for $13,333 D) credit to Income Summary for $20,000
Use the information in the adjusted trial balance presented below to calculate current assets for Wicked Wicker Company:Account TitleDr. Cr.Cash$23,000 Accounts receivable 16,000 Prepaid insurance 6,600 Equipment 100,000 Accumulated depreciation-Equipment $50,000 Land 95,000 Accounts payable 17,000 Interest payable 2,400 Unearned revenue 5,000 Long-term notes payable 30,000 Retained earnings 136,200 Totals$240,600 $240,600
A. $95,600. B. $21,200. C. $24,400. D. $45,600. E. $41,200.
A change in the unit depletion rate would be accounted for as a
a. correction of an accounting error. b. change in accounting principle. c. change in accounting estimate. d. change in accounting estimate effected through a change in accounting principle.
A nonprofit organization is advertising for volunteers to distribute water bottles to runners participating in an annual marathon. What type of volunteer does the organization need?
A. spot B. regular C. episodic D. mandated