An important purpose of the work sheet is to
A) accompany the financial statements in the company's annual report.
B) aid the accountant in the daily preparation of journal entries.
C) replace the journal when making adjusting and closing entries.
D) check the accuracy of adjusting entries before they are entered formally into the accounting records.
D
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PoolPak produces climate-control systems for large swimming pools. The company's customers are more concerned about service support for maintaining their systems than the initial price of the product
PoolPak specializes in and differentiates itself through both cutting-edge technologies used to build its high-value climate control systems as well as seamless quality service. PoolPak's prices are very high, but demand for its climate-control systems seems to be forever on the rise. This exemplifies ________. A) target costing B) a pure monopoly C) cost-plus pricing D) a nonprice position E) break-even pricing
Lemming makes an $18,750, 120-day, 8% cash loan to Notions Co. on November 1. Lemming's end-of-period adjusting entry on December 31 should be:
A. Debit Interest Receivable $250; credit Interest Revenue $250. B. Debit Interest Revenue $500; credit Notes Receivable $500. C. Debit Interest Receivable $500; credit Interest Revenue $500. D. Debit Cash for $250; credit Notes Receivable $250. E. Debit Notes Receivable $500; credit Interest Revenue $500.
A company has net sales of $825,000 and cost of goods sold of $596,000. Its net income is $35,030. The company's gross margin and operating expenses, respectively, are:
A. $264,500 and $560,970 B. $560,970 and $264,500 C. $229,000 and $264,500 D. $229,000 and $193,970 E. $789,500 and $193,970
Obscene speech is protected by the First Amendment.
Answer the following statement true (T) or false (F)