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A cost that remains unchanged in total amount even when the production volume varies from period to period is a:

Arlington and Fry issued $50,000 worth of 6% bonds on May 1. The bonds pay interest on February 1 and August 1. The amount of interest accrued on Dec. 31 would be:

On December 5, Z-Mart purchased $1,800 worth of merchandise. On December 7, Z-Mart returned $800 worth of merchandise. On December 8, it paid the balance in full after taking a 2% discount. The amount of the payment was

SportsWorld purchased equipment costing $10,000. The equipment has a residual value of $1,000, and an estimated useful life of 5 years or 36,000 shoes. Actual units produced during the year were 7,000 units. Calculate annual depreciation using the straight line method.

A company had revenues of $75,000, withdrawals of $10,000 and operating expenses of $62,000 during an accounting period. Which of the following entries should not be journalized in the closing process?

Below is the adjusted trial balance of Reuben’s Cubic Storage at December 31, 2030: Reuben’s Cubic Storage Adjusted Trial Balance For Year Ended December 31, 2030 Account       Debit Credit Cash $3,050   Accounts receivable 400   Office supplies 830   Prepaid insurance 80   Long term note receivable 4,200   Land 98,900   Equipment 115,000   Accumulated depreciation, Equipment   $1,100 Building 98,000   Accumulated depreciation, Building   28,000 Notes payable   11,000 Unearned accounting fees earned   3,000 Salaries payable   7,060 Reuben, capital   10,000 Reuben, withdrawals 5,000   Accounting fees earned   274,500 Depreciation expense, Building 500   Depreciation expense, Equipment 600   Insurance expense 100   Rent expense 1,100   Office supplies expense 900   Repairs expense 5,000   Telephone expense 1,000   Totals $334,660 $334,660 Use the adjusted trial balance to answer all questions labelled: FINANCIAL STATEMENTS; PART A, PART B & PART C. In parts B and C you will need to use information from Part A.  Prepare an income statement for the year ended December 31, 2030.       

Unearned revenues are

A debit to Sales Returns and Allowances and a credit to Accounts Receivable mean that a customer may have returned merchandise.

The owner of Zeke’s Landscaping Designs just hired an office manager to handle all the office functions for him. Among other responsibilities, the office manager will handle key accounting functions such as processing customer payments, writing cheques to employees to pay the payroll, handle daily bank deposits at the bank, pay suppliers, and reconcile the company bank account bank reconciliations. What internal cash control practice is being overlooked by the owner?

A share split affects total equity as reported on the balance sheet.