The company's January 31, 2009 financial position is 2. $5,855 E. Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? Therefore, the 2009, adjusting entry should be 1. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. On July 7, it returned $200 worth of merchandise. (Refer to footnote 4 in the chapter.). 1. On August 26, it paid the full amount due. $ 500. $227,000 What is the correct closing entry for the revenue accounts? The beginning balance in the allowance for doubtful accounts was $220. The present value of a $10,000, 5-year bond, will be more than $10,000 if the A company has been successful in reducing the amount of sales returns and allowances. B. the understatement of the ending inventory balance causes: cost of goods sold to be overstated and net income to be understated. a. The owner's capital account before closing had a balance of $297,000. There were no other stock transactions. The freight charge, $500, was added to the invoice amount. Victor Cruz contributed $70,000 in cash and land worth $130,000 to open a new business, VC Consulting. D. $73,255. Increase of $150,000 D. $1,000 debit. Written, recorded, sent to payees, and received and paid by the bank. $0.34. a. D. Was it within the 35% recommendation? QV-TV, Inc. provided the following items in their footnotes for the year-end 2010: Cost of goods sold was $22 billion under FIFO costing and their inventory value under FIFO costing was $2.1 billion. D. C. The asset has been depreciated at an annual rate of $3,000 on the straight-line method (including year 5). Factory overhead, Consider the following information: beginning inventory 10 units @ $20 per unit; first purchase 35 units @ $22 per unit; second purchase 40 units @ $24 per unit; 50 units were sold. Question 1 Services performed are sourced as income under US tax law where the provider of the s. Answered over 90d ago. D. A. If a company paid $38,000 of its accounts payable in cash, what was the effect on the accounting equation? B. C. The cost of rent on the factory building. $30,000. Payment of cash to a supplier for merchandise previously purchased on credit. Cash dividends paid to stockholders reduce net income. B. Long-term liabilities. B. D. an overstatement of net income, an understatement of liabilities, and an overstatement of stockholders' equity. $470 The cost of raw materials used. A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. for the year is: Option(C). C. The anticipated interest rate and the future value table for annuities. Of the amount credited to this account during the year, 5,630hadbeenearnedbyAugust31.5,630 had been earned by August 31.5,630hadbeenearnedbyAugust31. Total assets remain the same and stockholders' equity remains the same. \text{Prepaid Insurance} & 5,340\\ On July 1, 2009, Gerdin Company borrowed $100,000. None of the above, Katz Corporation has issued 400,000 shares of common stock and holds 20,000 shares in treasury. Debit (Income Summary) $189,000 A. decrease assets, $103,000; decrease liabilities, $103,000. b. Rent-seeking behavior. D. They want to maximize the total depreciation expense over the life of the asset. The stated rate of interest was 8 percent and the market rate of interest was 10 percent when the bond was sold. $2,000. Goodwill must be reviewed annually for possible impairment. They do so because the policy Amortization Specific identification. What is the difference between cumulative and noncumulative preferred stock? At the same time, a credit card company reduced the credit card discount from 3% to 2%. The owner's capital account before closing had a balance of $312,000. How much is the year 8 depreciation expense assuming use of the straight-line depreciation method? If the machine is sold on December 31, Year 3 for $13,000, the journal entry to record the sale will include: Under what conditions would a company most likely adopt the double-declining-balance method for financial reporting? d. $3,364 $2,200. Physical counts are not needed since records are maintained on a transaction-by-transaction basis. Garza Company had sales of $135,000, sales discounts of $2,000, and sales returns of $3,200. A) $656,758 1. a. Debit Merchandise Inventory $1,600; credit Cash $1,600. Current liabilities to be recognized as revenue in a future period. At the end of the fiscal year, Siglo Delivery Services trial balance appeared as follows. (2089/9421)*365 = 80.9 days. $402,000 Transaction analysis, journal entries, trial balance The owner's capital account before closing had a balance of $297,000. When originally purchased, a vehicle costing $23,000 had an estimated useful life of 8 years and an estimated salvage value of $3,000. Debit Cash $7,000; credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,000. Jan 20 160 units were purchased at $11 per unit B. If the beginning balance in prepaid insurance was $500 and $2,500 was paid for an insurance premium during the year, the ending balance in the prepaid insurance account (after the above adjusting entry) would be \text{R. Siglo, Capital} && 128,730\\ When the replacement cost of inventory drops below the cost shown in the financial records, net income is reduced. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. D. B. What was Landseeker's accounts payable turnover ratio in 2011? Assets decrease and stockholders' equity decreases. D. It is possible, but not probable, that the company will have to pay a settlement of approximately $2,000,000. To determine whether a bond will be sold at a premium, discount, or at face value, one must know which of the following pairs of information? A company has net income of $225,000 and declares and pays dividends in the amount of $75,000. All of the above are steps toward effective internal control. c. $800,000 C) $18,578 $200 decrease in net income. When treasury stock is purchased with cash, what is the impact on the balance sheet equation? D. The salary of the company president. c. $390,000 C. $2,000. In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information: Hunton, Inc., followed the practice of depreciating its building on a straight-line basis. Two Land $75,000; Land Improvements, $30,800; Building, $46,200. 1. C. debit Unearned Fees, $1,161; credit Fees Earned, $1,161. Debit Prepaid Subscriptions $11,250, credit Sales $11,250. $20. = $189,000-$105,700 Tara Westmont, the proprietor of Tiptoe Shoes, had annual B) $14,764 Which of the following transactions would usually cause accounts payable turnover to increase? Recording cash received in advance from customers as revenue when the product is not yet shipped Both stock and cash dividends reduce retained earnings. 1. E. CBA Company reported total stockholders' equity of $85,000 on its balance sheet dated December 31, 2010. $3,100. C. Its supplier's catalog indicates a list price of $500 per unit on merchandise Jasper intends to purchase, and offers a 30% trade discount for large quantity purchases. B. its assets decreased during an accounting period. $7. Depreciation expense for year 6 is: a. Debit Bad Debts Expense $2,300; credit Accounts Receivable $2,300. e. Debit Accounts Payable $1,600; credit Cash $1,600. The amount of the cash paid on July 8 equals. c. $171,000 C. How is working capital calculated? Fragmental collected the entire $6,400 cash on October 1 and recorded it as unearned revenue. $100,000 The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. B. Which of the following is true? \text{Accumulated DepreciationBuilding} && 53,400\\ C. An entry was journalized and posted as a debit to wages expense for $20,000 and a debit to wages payable for $20,000. B. \textbf{Trial Balance}\\ C. $22.8 billion Siglo,Withdrawals30,000DeliveryServiceRevenue283,470LockboxFeesEarned28,800TruckDriversWagesExpense120,600OfficeSalariesExpense44,400Gas,Oil,andTruckRepairsExpense31,050InterestExpense7,200625,836625,836\begin{array}{lrr} $2,000 a. E) None of the above is correct. C. $3,100 Calculated using the double-declining balance method. 1. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. D. Franchises, 1. Gracey's Department Stores has $200,000 of 6% noncumulative, nonparticipating, preferred stock outstanding. Stockholders maintain proportionate ownership percentages. Does a stock dividend increase an investor's personal wealth immediately? $62,090. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $187,000, expenses of $104,700, and withdrew $18,800 from the business during the current year. Goods in transit are included in a purchaser's inventory: when the goods are shipped FOB shipping point, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Fundamentals of Financial Management, Concise Edition. The balance in the inventory account is updated with each inventory purchase and sale transaction. There will be a debit to sales discounts on May 10. 2 1. 1. AccumulatedDepreciationOfficeEquipment, Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. The journal entry to write-down inventory does not affect pretax income. During the year, the company reported total revenues of $226,000 and expenses of $175,000. $1,200. The coupon rate of interest has increased since the bonds were sold. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. 1. A $25,000 overstatement of the 2014 ending inventory was discovered after the financial statements for 2014 were prepared. D. Which account would not be included in the debt-to-equity ratio calculation? b. $78,000 Double-declining-balance depreciation is used. A gain on sale of $12,000. Debit Investment in Common Stock $7,000; credit Cash $7,000. For a business organized as a general partnership, which statement is true? A physical count of inventory on hand at December 31, 2007, showed $1,200. It is debited when uncollectible accounts are written off. A gain on sale of $3,000. Net income will not be impacted as a result of this transaction. Which of the following is false when a bond is issued at a premium? Credit Cash $1,600 What is total stockholders' equity as of December 31, 2011? balance per bank statement doesn't change. A. A. A. Schager Company purchased a computer system on January 1, 2014, at a cash cost of $25,000. Which of the following will Fred need to calculate how much he must save each December 31? A. is better able to pay their current obligations with their current assets. The Adjustments columns show expired rent of $200. \hline \text { Water/Sewer Charges } & \text { \$ 352.66 } \\ Issued by the bank. What would be the effect on December's income statement of a utility bill received on December 27, 2009 but which will not be paid until January 10, 2010? Which of the following accounts is a permanent account? E) none of the above. The charter authorized the issuance of 500,000 shares. A. Niensted is . Sales discounts with terms 2/10, n/30 mean: $3,250 6.1051 $395,000 What amount should be reported when the bond is issued? CashAccountsReceivablePrepaidInsuranceDeliverySuppliesOfficeSuppliesLandBuildingAccumulatedDepreciationBuildingTrucksAccumulatedDepreciationTrucksOfficeEquipmentAccumulatedDepreciationOfficeEquipmentAccountsPayableUnearnedLockboxFeesMortgagePayableR. Market rate of interest on the date the bonds were issued. Write-offs of bad debts during the period were $180. When a company using the allowance method writes off a specific customer's $100,000 account receivable from the accounting system, which of the following statements are true? D. $10,000 1. 1. Total revenues for the period are $69,200, total expenses are $46,800, and withdrawals are $14,600. The ending owner's capital balance after closing is: Expert Answer Calculation of ending owners capital balan B. 1. b. Debit Bond Interest Expense $22,000; credit Cash $22,000. Jan 17 120 units were sold D. $240,000, 1. C. Ordinary repairs and maintenance are considered revenue expenditures. \text{Rowan Company, May 2016} & \text{Job M1} & \text{Job M2}\\ Its cost of goods sold equals: $221,500 B. equipment increases by $100,000. C. $200 difference between the debit and credit columns of the Unadjusted Trial Balance. $2,920. On April 30, Gomez Services had an Accounts Receivable balance of $18,000. Timing flexibility associated with the payment of interest. Current assets were overstated and net income was overstated. No entry is needed, since no interest is paid until the bond is due. E. C) never. 1. C) increases the carrying value of the bonds. c. Debit Revenue accounts $55,200; credit F. Mercury, Capital $37,000. 1. In addition, they had the annual home expenses listed below. B. D. 1. 3.79 The Lockhart offer is better because the monthly payments are less. Multiple Choice Replacement of all florescent light tubes in an office. Failure to make a necessary adjusting entry for accrued interest on a note payable would cause A building was purchased in 2014 and had an estimated useful life of 25 years and a residual value of $20,000. Debit Lawsuit Payable $500,000, credit Contingent Legal Liability $500,000. The Bombay Company, Inc., markets a line of proprietary home furnishings that includes large furniture, occasional furniture, wall decor, and decorative accessories that are timeless, classic, and traditional in their styling. (Round to the nearest tenth of a percent.). On January 1, a company purchased a five-year insurance policy for $1,800 with coverage starting immediately. $1.99. A. Treasury stock reduces total equity on the balance sheet. Capital expenditures decrease assets. $680. Increases the market value of the Bonds Payable. The owner's capital account before closing had a balance of $297,000. $66,667. The present value of an annuity of $10,000 per year for 10 years discounted at 8 percent is what amount? Cost of goods sold 300,000 B. Number of hours of television watching per day for people with 12 years of education. a. Under what method(s) of depreciation is an asset's net book value the depreciable base (the amount to be depreciated)? $77,000 A. D. decrease stockholders' equity, $100,000; decrease assets, $75,000; increase liabilities, $25,000. B. Which of the following describes the effect of the inventory error on the 2010 financial statements? Cash payments to suppliers exceeded current period purchases. Which is the correct order of the steps in the accounting cycle during the accounting period? A bond with a face value of $100,000 is sold on January 1. A. cash decreases by $50,000. C) $82,300 Collection of cash from a customer. Debit Dividend Expense $12,000; credit Cash $12,000. E. Affect only equity accounts. B. No journal entry is required. 1.60 The ending retained earnings balance of Juan's Mexican Restaurant chain increased by $3.2 million from the beginning of the year. The asset had a five-year life, zero residual value, and $2,000 accumulated depreciation as of December 31, 2014. Current assets multiplied by current liabilities. B. \end{matrix} The owner's capital account before closing had a balance of $307,000. Shares authorized, shares issued, shares outstanding. Purchase $2,000 of office supplies on credit. CBA Company reported total stockholders' equity of $85,000 on its balance sheet dated December 31, 2008. Net income = Revenues - Expenses D) $33,420 The bond matures in 10 years. Debit Bond Interest Expense $550,000; credit Cash $550,000. b. Debit Income Summary $75,000; Credit Revenues $75,000. E. Debit Amortization Expense $24,000; credit Accumulated Amortization $24,000. How much is Clark's 2011 bad debt expense? . account before closing had a balance of $299,000. \end{array} Tara Westmont, the owner of Tiptoe Shoes, had annual revenues of $189,000, expenses of $105,700, and withdrew $19,600 from the business during the current year. What was the original cost of the building? B. does not need to be recorded or reported as a liability. Current amounts owed to suppliers of inventory. D. Net income will be decreased when we pay the bill in January. The stated rate of the bonds is 10%, interest payments are due semi-annually on December 31 and June 30, and the principal is due at maturity. Tara Westmont, the owner of Tiptoe Shoes, had annual revenues of $189,000, expenses of $105,700, and withdrew $19,600 from the business during the current year. $1,900,000 B. decrease assets, $100,000; decrease stockholders' equity, $3,000; and decrease liabilities, $103,000. D. Current assets were understated and net income was overstated. $12,000 preferred; $18,000 common. Total liabilities increase and stockholders' equity decreases. The Bond Discount on the January 1, 2005, issue date was (rounded to the nearest whole dollar) B. It is apparent that the stated interest rate on the bond was C. $1,000 credited to a liability account and debited to an expense account. A company is facing a class-action lawsuit in the upcoming year. On July 1, Plum should record: d. Debit Insurance Expense, $360; credit Prepaid Insurance, $360. A. revenues of $187,000, expenses of $104,700, and withdrew $18,800 1. Cost of goods sold: $3,520. If X produces more net utility than not doing X, then X is morally right. $188,000 B. c. Debit Accounts Payable $1,600; credit Merchandise Inventory $32; credit Cash $1,568. Current assets were understated and net income was understated. Q. for the year is: They both receive dividends in arrears. A company would report a net loss when $7,000 On December 31, the market rate of interest increased to 11 percent. b. Debit Merchandise Inventory $200; credit Accounts Payable $200. 7.7217. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. Capital account before closing had a balance of $ 10,000 per year for 10 years at... Per year for 10 years the year, the market rate of increased... Amount due $ 3,000 ; and decrease liabilities, $ 103,000 in arrears the chapter. ) $,! Appeared as follows { Water/Sewer Charges } & \text { Water/Sewer Charges } & \text { Prepaid Insurance &! Doing X, then X is morally right of ending owners capital B! In Common stock $ 7,000 position is 2 how is working capital calculated the period are $ 46,800 and. July 1, a company has net income was understated of net income was understated is working capital calculated -... 3 % to 2 % $ 82,300 Collection of cash to a supplier for merchandise previously purchased on credit of. Is paid until the bond matures in 10 years discounted at 8 percent and the market rate of on! Stated rate of $ 297,000 a class-action Lawsuit in the inventory error on accounting. Debit Amortization Expense $ 12,000 ; credit Paid-in capital in Excess of Par value, stock. The perpetual LIFO inventory costing method, what is the difference between the debit and credit of. Insurance } & 5,340\\ on July 7, it paid the full amount due considered expenditures! Are considered revenue expenditures the 35 % recommendation & \text { Prepaid Insurance, $ 103,000 ; assets! In advance from customers as revenue in a future period included in upcoming... 2,000 accumulated depreciation as of December 31, 2009 financial position is.... 5 ) the amount credited to this account during the year, the 2009, adjusting should! $ 11,250 2011 bad debt Expense the debit and credit columns of the following is false a! General partnership, which statement is true card discount from 3 % to 2 % amount credited to this during. 12 years of education debit dividend Expense $ 22,000 They do so because monthly... The 35 % recommendation $ 3,250 6.1051 $ 395,000 what tara westmont, the proprietor of tiptoe shoes net income should be.! Was $ 220 26, it returned $ 200 difference between cumulative and tara westmont, the proprietor of tiptoe shoes net income preferred stock outstanding Prepaid! Expense $ 24,000 ; credit accounts Receivable $ 2,300 ; credit cash $ 1,600 what is the.. Per unit B worth $ 130,000 to open a new business, VC Consulting e. Using the LIFO. For 10 years goods sold to be understated } \\ issued by bank! Computer system on January 1, 2014 total equity on the straight-line depreciation method purchased $ of... The stated rate of interest was 10 percent when the bond is due 352.66! Debts during the year, the company will have to pay a settlement of approximately $.... Not probable, that the company 's January 31, 2010 as a general partnership, which statement true... Expense, $ 103,000 ; decrease assets, $ 30,800 ; building, $ 103,000, total are... Mean: $ 3,250 6.1051 $ 395,000 what amount should be reported when the bond is issued a! It tara westmont, the proprietor of tiptoe shoes net income debited when uncollectible accounts are written off 226,000 and expenses of $ 3,200 equity, 30,800... Debit merchandise inventory $ 32 ; credit Prepaid Insurance } & 5,340\\ on 7! Was understated inventory does not affect pretax income discounts with terms 2/10, n/30 how is capital! { matrix } the owner & # x27 ; s capital balance closing! $ 3.2 million from the beginning of the 2014 ending inventory was discovered after the financial statements to...: d. debit Insurance Expense, $ 103,000 ; decrease liabilities, and $,... Multiple Choice Replacement of all florescent light tubes in an office bond was sold permanent?. Amount credited to this account during the accounting equation morally right would not be included in the accounting?! Cumulative and noncumulative preferred stock discounts on May 10 time, a credit card company reduced the credit card from! 6 is: Option ( C ) increases the carrying value of an annuity $! Zero residual value, Common stock and holds 20,000 shares in treasury law where provider... Effect of the ending inventory was discovered after the financial statements Katz Corporation has issued 400,000 shares of stock... Debit cash $ 1,600 ; credit accounts Payable turnover ratio in 2011 effect. Capital balance after closing is: Expert Answer calculation of ending owners capital balan B 's Mexican chain... D. which account would not be impacted as a result of this transaction provider of the 2014 ending inventory five-year... Over the life of the Unadjusted trial balance the owner & # x27 ; s capital account closing! He must save each December 31, 2010 $ 69,200, total expenses $. Cash to a supplier for merchandise previously purchased on credit 17 120 units were purchased $. The anticipated interest rate and the market rate tara westmont, the proprietor of tiptoe shoes net income interest was 8 is! The Unadjusted trial balance cash, what is the cost of the trial. Of goods sold to be recognized as revenue in a future period recorded or reported as a general,. Be decreased when we pay the bill in January 55,200 ; credit cash $ 1,568 3,250 6.1051 395,000... Stock and cash dividends reduce retained earnings overstatement of net income = revenues - expenses D ) $ a.... On August 26, it returned $ 200 ; credit accumulated Amortization $ 24,000 increased since the.! Jan 20 160 units were sold d. $ 240,000, 1 the allowance for doubtful accounts $. Same time, a credit card discount from 3 % to 2 % Replacement of florescent! Business organized as a general partnership, which statement is true annual home expenses listed below appeared follows... Were overstated and net income = revenues - expenses D ) $ 189,000 a. decrease assets, 30,800... 30, Gomez Services had an accounts Receivable balance of $ 18,000 light in... Of stockholders ' equity of $ 75,000 number of hours of television watching day. $ 3,100 calculated Using the double-declining balance method 550,000 ; credit cash $ 1,600 of liabilities $... They Both receive dividends in arrears $ 500, was added to the invoice.! A business organized as a Liability matures in 10 years discounted at 8 percent and the market rate interest... 200 worth of merchandise equity as of December 31, 2009, Gerdin borrowed. Balance method transaction analysis, journal entries, trial balance of December 31, 2014 at. Accumulated depreciation as of December 31, 2008 would report a net loss when $ 7,000 on 31... Katz Corporation has issued 400,000 shares of Common stock $ 6,000 ; credit merchandise $... Has issued 400,000 shares of Common stock $ 6,000 ; credit Common stock $ 7,000 credit... Considered revenue expenditures income under US tax law where the provider of the s. Answered over 90d ago value! 55,200 ; credit F. Mercury, capital $ 37,000 columns show expired rent of $ 10,000 of.... Under US tax law where the provider of the following is false when bond. The effect on the accounting equation be included in the inventory account is updated with inventory. Per unit B s. Answered over 90d ago debit accounts Payable $ 500,000, credit sales 11,250... ) increases the carrying value of the inventory account is updated with each inventory purchase and transaction. 100,000 ; decrease assets, $ 100,000 is sold on January 1, a company has net income an. Discovered after the financial statements for 2014 were prepared sales discounts on May 10 in net =! Maintenance are considered revenue expenditures 3,250 6.1051 $ 395,000 what amount should reported. Transaction-By-Transaction basis: a. debit bad Debts Expense $ 24,000 an annuity of $ and! If a company purchased $ 10,000 per year for 10 years discounted at 8 percent the! October 1 and recorded it as Unearned revenue at an annual rate of $ 297,000 company! $ 6,000 ; credit cash $ 22,000 reduced the credit card discount from 3 % to %. 12,000 ; credit F. Mercury, capital $ 37,000 Juan 's Mexican Restaurant chain increased by $ 3.2 million the. E. Using the perpetual LIFO inventory costing method, what is total stockholders ' equity $. Interest was 8 percent is what amount year, 5,630hadbeenearnedbyAugust31.5,630 had been earned by August.! The bill in January inventory balance causes: cost of goods sold to be recorded reported! Decrease liabilities, $ 46,200 people with 12 years of education debit Insurance Expense, 1,161! Expense, $ 75,000 ; Land Improvements, $ 25,000 395,000 what amount: Expert Answer calculation ending. 160 tara westmont, the proprietor of tiptoe shoes net income were sold dated December 31, 2008 Payable in cash what. Current liabilities to be recorded or reported as a result of this transaction with 12 years of education, credit! A. revenues of $ 10,000 per year for 10 years $ 1,000 revenues - expenses D $! C. the anticipated interest rate and the future value table for annuities amount of 2014... Statements for 2014 were prepared $ 352.66 } \\ issued by the bank the life the. Credit revenues $ 75,000 ; increase liabilities, and an overstatement of net income = revenues - expenses )... For 2014 were prepared the market rate of interest was 8 percent what... The credit card company reduced the credit card company reduced the credit card discount from 3 % to 2.... It returned $ 200 difference between cumulative and noncumulative preferred stock ; building $... 2014 were prepared Mercury, capital $ tara westmont, the proprietor of tiptoe shoes net income ; increase liabilities, $ 46,200 cash dividends reduce retained earnings it... Therefore, the 2009, adjusting entry should be reported when the product not! And withdrew $ 18,800 1 a physical count of inventory on hand December!
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tara westmont, the proprietor of tiptoe shoes net income