During a hearing at an administrative agency to determine if the law has been violated the agency is represented by its:
a. lower level employees b. shareholders
c. counsel
d. county judge
e. none of the other choices are correct
c
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Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 5% charge on sales for using its card. On May 26, Brinker had $5500 in First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit?
A. Debit Cash $5500; credit Sales $5500. B. Debit Accounts Receivable $5225; debit Credit Card Expense $275; credit Sales $5500. C. Debit Cash $5775; credit Credit Card Expense $275; credit Sales $5500. D. Debit Accounts Receivable $5500; credit Sales $5500. E. Debit Cash $5225; debit Credit Card Expense $275; credit Sales $5500.
Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%, salary allowances of $34,000 and $26,000 respectively, and the remainder equally. How much of the net income of $100,000 is allocated to Xavier?
A) $49,000 B) $51,000 C) $50,000 D) $56,000
The Dividends account is increased by a debit
Indicate whether the statement is true or false
Partners have the implied authority to bind the partnership by contracts of surety for any and all purposes
Indicate whether the statement is true or false