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Dental Supply accepted a $4,800, 90-day, 10% note from Tracy Janitorial on October 17. What entry should Dental Supply make on December 31, to record the accrued interest on the note?

The Sarbanes-Oxley Act (SOX) does not require public companies to apply both accounting oversight and stringent internal controls.

On July 1, a company paid the $2,400 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31?

Trekker Bikes’ current assets are $300 million and its current liabilities are $125 million. Its current ratio is 0.417.

Permanent accounts carry their balances into the next accounting period.

Which of the following accounts showing a balance on the post-closing trial balance indicate an error?

Indy Automotive Supplies had net sales of $2.8 million, its cost of goods sold was $1.6 million, and its net income was $0.9 million. Its gross margin ratio equals:

Dental Supply accepted a $4,800, 90-day, 10% note from Tracy Janitorial on October 17. What entry should Dental Supply make on December 31, to record the accrued interest on the note?

Cardarelli Corporation reported Net sales of $3.6 million and average Total assets of $1.1 million. The Total asset turnover is:

Kramer, Inc. accepts all major bank credit cards, including those issued by Needham Bank (NB), which assesses a 3% charge on sales for using its card. On June 28, Kramer had $3,500 in NB Card credit sales. What entry should Kramer make on June 28 to record the deposit?