The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue$ 57,700 Cash 51,353? Accounts Receivable 8375? Interest Expense 2516? Accounts Payable 5470? Operating Expenses 46,737? Deferred Revenue 1460? Equipment 22,503? Income Tax Expense 2885??The following activities occurred in 2019: 1. Performed advertising services on account, $68,250.2. Received cash payments on account, $13,200.3. Received deposits from customers for advertising services to be performed in 2020, $4400.4. Made payments to suppliers on account, $5470.5. Incurred $55,850 of operating expenses; $48,400 was paid in cash and $7450 was on account and unpaid as
of the end of the year.What is the balance in the Cash account at December 31, 2019?
A. $59,083
B. $51,353
C. $56,729
D. $15,083
Answer: D
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________ analysis is defined as describing the data in the sample with the use of percentages or averages
A) Comparison B) Generalization C) Relationship D) Summarization E) Confidence
Northern Corporation invested $800 cash in South Company stock.As a result of this transaction:
A. Northern Corporation would have a cash outflow from financing activities. B. The balance in the Cash account on Northern's books would decrease, while the balance in the Cash account on South Company's books would increase. C. South Company would have a cash inflow from investing activities. D. All of these statements are true.
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A. $792,000 B. $739,000 C. $396,400 D. $363,000
Which of the following is incorrect regarding LIFO and FIFO?
A. In a period of decreasing costs, FIFO will result in lower total assets than LIFO. B. In a period of increasing costs, assets will be greater under LIFO than FIFO. C. In a period of increasing costs, net income will be greater under FIFO than LIFO. D. In a period of decreasing costs, LIFO will result in greater net income than FIFO.