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On December 1, Victoria Company signed a 90-day, 7% note payable, with a face value of $15,600. What amount of interest expense is accrued at December 31 on the note? (Use 360 days a year.)

In the absence of a partnership agreement, income (and loss) should be allocated:

Transactions and events that affect net income such as the production and purchase of inventory, the sale of goods and services to customers, and the expenditures to run a business are classified as _____ on the statement of cash flows:

A company had a beginning balance in retained earnings of $44,500. It had net income of $7,900 and declared and paid cash dividends of $6,100 in the current period. The ending balance in retained earnings equals:

A company’s income statement showed the following: net income, $128,000; depreciation expense, $37,000; and gain on sale of plant assets, $11,000. The company’s current assets and current liabilities showed the following changes: accounts receivable decreased $10,800; merchandise inventory increased $25,000; prepaid expenses increased $7,600; accounts payable increased $4,800. Calculate the net cash provided or used by operating activities.

Journalize the necessary entry for each transaction. (Please leave any unnecessary boxes blank.) MB Sports Medicine has 2,000,000, $10 par common shares issued and 500,000 treasury shares as of April 1st. Apr. 1 Declared a 5% stock dividend when the stock’s market value was $50 per share. DATE   Debit Credit 4/1     b. May 1 Issued the stock dividend that was declared on April 1st. DATE   Debit Credit 5/1    

Strickland Corporation has invested in debt securities. Strickland intends to actively buy and sell this investment for profit. This investment is classified as:

Fargo Company’s outstanding stock consists of 400 shares of noncumulative 5% preferred stock with a $10 par value and 3,700 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends. Dividends Declared and PaidYear 1 $27,000Year 2 $5,000Year 3 $36,000 The amount of dividends paid to preferred and common shareholders in year 1 is:

The costs to start a corporation, including legal fees, promoters’ fees, and payments for a charter, are called:

The total amount of cash and other assets that a corporation receives from its stockholders in exchange for its stock is: