Mark finds a camera on a park bench at Disneyland. Mark can keep the camera if the true owner cannot be found, because it is lost property
a. True
b. False
Indicate whether the statement is true or false
True
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Differences in foreign markets such as culture, language, and customs can represent significant management risks when firms enter foreign markets.
Answer the following statement true (T) or false (F)
Which of the following sentences does NOT use proper capitalization?
a. It was a difficult winter for traveling. b. Bryan Morris, vice president, is responsible for that account. c. Students entering the MBA program must complete accounting 6093 and finance 5133. d. The manager approved the quarterly report.
Havermill Co. establishes a $320 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $80 for Office Supplies, $151 for merchandise inventory, and $29 for miscellaneous expenses. The fund has a balance of $60. On October 1, the accountant determines that the fund should be increased by $64. The journal entry to record the reimbursement of the fund on September 30 includes a:
A. Credit to Cash for $60. B. Debit to Office Supplies for $80. C. Credit to Merchandise Inventory for $151. D. Debit Petty Cash for $260. E. Credit to Cash for $320.
Prepare an income statement and a statement of retained earnings for the month of May. Also, prepare a balance sheet as of May 31, 2017, for McGuire Corporation
The financial transactions of McGuire Corporation for the month of May, their first month of operations, are as follows: • On May 1, 2017, McGuire Corporation issued common stock in exchange for $20,000 cash from a stockholder, Deborah Merchant. • On May 3, the corporation borrowed $5,000 from a creditor and executed a note payable with the principal and interest to be due in one year. • On May 7, the corporation purchased $15,000 of equipment for cash. • On May 8, McGuire Corporation rendered service to a client and earned $3,000 in cash. • On May 12, the corporation incurred a repair expense of $1,800 and promised to pay the repair contractor the following month. • On May 18, the corporation rendered service to a new client in the amount of $8,000 on account, as the client promised to pay the following month. • At the end of May, McGuire Corporation distributed cash dividends of $1,500. What will be an ideal response