C. The Bond Discount on the January 1, 2005, issue date was (rounded to the nearest whole dollar) 10 percent discount for payment within 30 days D. Replacing the roof on a manufacturing warehouse. Aug. 10 - Declared a cash dividend for one month on the outstanding preferred stock and$0.02 per share on common stock outstanding, payable on August 22 to stockholders of record on August 12. No entry is needed, since no interest is paid until the bond is due. David and Helen Voss have a combined monthly gross income of $5,750.00. $4,120. Net income under the accrual basis of accounting is: d. Debit Income Summary $81,300, credit T. Westmont, Capital $81,300. Loss of $500 A few hundred U.S. sugar makers lobby the U.S. government each year to make sure that the government taxes imported sugar at a high rate. What is the value of cost of goods sold? $10,200 D. 1. It is debited when uncollectible accounts are written off. A. 1. D. Deducted from the bank balance of cash. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. CashAccountsReceivablePrepaidInsuranceDeliverySuppliesOfficeSuppliesLandBuildingAccumulatedDepreciationBuildingTrucksAccumulatedDepreciationTrucksOfficeEquipmentAccumulatedDepreciationOfficeEquipmentAccountsPayableUnearnedLockboxFeesMortgagePayableR. D. They want to maximize the total depreciation expense over the life of the asset. A. Which account would not be included in the debt-to-equity ratio calculation? McCarthy Company has inventory of 8 units at a cost of $200 each on October 1. Q. Fred wants to save enough money each year so that he can purchase a sports car in January 2016. 1. C. $200 difference between the debit and credit columns of the Unadjusted Trial Balance. 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. Aging of investments method. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $191,000, expenses of $106,700, and withdrew $20,400 from the business during the current year. When using the allowance method, as bad debt expense is recorded, 1. None of the above are true. E. debit Unearned Fees, $387; credit Fees Earned, $387. c. Debit Merchandise Inventory $1,500; credit Sales Returns $1,500. Miga Company is using the straight-line method of depreciation, and Porter Company is using the double-declining-balance method of depreciation. Net sales will increase. \text{Interest Expense} & 7,200\\ 1. B. Declining-balance method A. Debit Cash $7,650; credit Notes Payable $7,650. $18,000. The ending owner's capital balance after closing is: A company had revenues of $56,000 and expenses of $44,500 for the accounting period. E. The machine's useful life is estimated to be 5 years, or 300,000 units of product, with a $15,000 salvage value. C. liabilities increase by $150,000. B. $96,000 $250 A. decrease stockholders' equity, $75,000; decrease assets, $75,000. d. Debit Accounts Payable $200; credit Merchandise Inventory $200 Carp Corporation has provided the following information for its most recent month of operation: sales $16,000; ending inventory $4,000, purchases $8,000 and gross profit $10,000. Gilbert Company made an ordinary repair to a delivery truck during 2014 at a cost of $500 and capitalized the repair cost. and withdrew $18.000 from the business during the current year. A machine costing $75,000 is purchased on September 1, Year 1. D. None of the above. Debit Retained Earnings $250,000; credit Stock Split Payable $250,000. A. TaraWestmont,theproprietorofTiptoeShoes,had annualrevenuesof$185,000, expensesof$103,700, and withdrew$18,000 fromthebusinessduringthecurrent year.Theowner'scapitalaccountbeforeclosinghada balanceof$297,000. The vehicle has an estimated 6-year life and a $4,000 residual value. This transaction will not impact cash flow. 1. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the merchandise return on July 7 is: Cost of goods purchases 300,000 The carrying amount or net liability of bonds issued at a discount is calculated by b) Give an example of three inequalities. 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. How much is Clark's 2011 bad debt expense? Decreases the Bonds Payable account. Therefore, the 2009, adjusting entry should be 1. d. $343 1. If a period-end inventory amount is reported in error, it can cause a misstatement in all of the following except: D. i, ii, and iii. \hline \text { Total } & \$ \\ Carson Company faces a probable loss on a pending lawsuit where the amount of the loss is estimated to be $500,000. 1. Cash, short-term investments, and current receivables. $1.65. $77,000 Ulrich had cost of goods sold of $6.7 million, ending inventory of $2.2 million, and average inventory of $1.9 million. A. Units-of-production method Using the units-of-production method, what is the book value of the machine at the end of the second year? E. The inventory at the end of 2014 was $188,000 and $208,000 at the end of 2013. B. C. its liabilities increased during an accounting period. A. net purchases during the period and ending inventory. Current assets were overstated and net income was overstated. $4,000 E. E. Replacing the ink cartridge in a printer. The balance sheet. b. Which of the following statements is true? $61,390. Presenting accounts receivable less bad debt expense and write-offs. The owner's capital account before closing had a balance of $297,000. Which of the following costs does not become a part of cost of goods manufactured? c. $171,000 The owner's capital account before closing had a balance of $299,000. (1) 4.23 Which of the following transactions will cause both the left and right side of the accounting equation to decrease? Physical counts are not needed since records are maintained on a transaction-by-transaction basis. $180 Cost of goods available for sale 400,000 sales-sales discounts-sales returns = net sales (135000-2000-3200), A reduction in selling price below the list price, A company purchased $1,800 of merchandise on July 5 with terms 2/10,n/30. 28 units-11 units = 17 units* 205 = 3485 ending inventory. Cannot be determined from the information given. 1. B. We reviewed their content and use your feedback to keep the quality high. $185,000 b. Cost of goods sold to be overstated and net income to be overstated. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold? None of the above. $490 E. CBA Company reported total stockholders' equity of $85,000 on its balance sheet dated December 31, 2008. $188,000 B. The owner's capital account before closing had a balanc e of $315,000. B. 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. A. It indicates the portion of earnings distributed to the owners as an immediate return on their investment. $12,000. Estimated depreciation on the building,$14,400, \quad\quad e. Estimated depreciation on the trucks, 15,45015,45015,450$f. Reflects a decrease in amount due to a supplier. The owner's capital account before closing had a balance of $297,000. d. $20,000 The company signed a note payable with interest at 6 percent per year. The Net Income Cost of goods sold: D. Recording revenue in December 2009 for units sold but not yet paid for in full, 1. Fund Transfer automatically paid by the bank monthly, not yet recorded by Maxi $78,000 No effect on the expenses of the current period. $1,000 debited to an expense account and credited to an asset account. B. A. The Unadjusted Trial Balance columns of a work sheet total $95,300. 1. D. There will be a credit to sales discounts on May 19. Amortization Current assets. $220. The company credited Unearned Fees for the amount received and the subscriptions started immediately. C. C) $82,300 A. A. Payment of cash to a supplier for merchandise previously purchased on credit. for the year is: Option(C). Presenting accounts receivable net of allowance for doubtful accounts. C. 4.04 Cumulative preferred stock. C. C. Cumulative does not receive dividends but noncumulative does. 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. The journal entry to write-down inventory does not affect pretax income. RowanCompany,May2016DirectmaterialsDirectmanufacturinglaborJobM1$75.000275.000JobM2$56.000209.000. At what amount would the liability be reported at on the balance sheet as of the purchase date, after the initial $50,000 payment was made? A. B. b. By what amount does stockholders' equity increase? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. d. $120,000 $2,000 a. c. Debit Merchandise Inventory $200; credit Sales Returns $200 D. Zack Corporation uses the effective-interest method of amortization. $500,000. D. 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. Written and not yet recorded in the company books. What is the journal entry needed to record the transaction by Jarrett Company? \text{Prepaid Insurance} & 5,340\\ Of the amount credited to this account during the year, 5,630hadbeenearnedbyAugust31.5,630 had been earned by August 31.5,630hadbeenearnedbyAugust31. $1,180 . \text{Accounts Payable} && 9,396\\ The journal entry to record the issuance is: Debit Accounts Payable $7,500; credit Notes Payable $7,500. $2,875. Debit Prepaid Subscriptions $33,750; credit Unearned Revenue $33,750. A. c. $10,500 Which of the following general journal entries will VC Consulting make to record this transaction? D. Sales discounts with terms 2/10, n/30 mean: Debit Cash $11,250, credit Sales $11,250. What was their average monthly housing cost for last year? C. $6,000. Gross accounts receivable less bad debt expense in the asset section of the balance sheet. Impairment of goodwill results in a decrease in net income. E. All the statements above are correct. E. They are paid on Monday for the five-day workweek ending on the previous Friday. B. What should be the allocation of this property's costs in the company's accounting records? Timing flexibility associated with the payment of interest. Permanent accounts include all of the following except: Ending inventory 100,000 These results imply that: What is the correct closing entry for the revenue accounts? $1,200 debit. Shares authorized, shares issued, shares outstanding. All nominal ledger accounts with balances. A. d. $350,000 Stock dividends increase total equity. D. Transaction analysis, journal entries, posting to the ledger. 2 percent discount for payment within 10 days, or the full amount (less returns) due within 30 days. e. $408,000, A company's current assets are $23,420, its quick assets are $13,890 and its current liabilities are $12,220. d. $570 Uncollectible accounts receivable written-off during 2011 totaled $12,000. The stock sold for $20 per share. Cost of goods sold If total revenues for the period are $60,200, total expenses are $43,600, and withdrawals are $9,900, what is the ending balance in the F. Mercury, Capital account after all closing entries are made? C. We borrow money from the bank. The stated rate of interest was 8 percent and the market rate of interest was 10 percent when the bond was sold. 1. Cr. d. Debit Merchandise Inventory $1,500; credit Cash $1,500. Both companies paid exactly the same cost, $30,000, for their respective vehicles. \text{Direct materials} & \text{\$ 75.000} & \text{\$ 56.000}\\ E. In a descriptive narrative in the footnote section. 1. For beginning stockholders equity, use the balance after A. Rusty Corporation purchased a rust-inhibiting machine by paying $50,000 cash on the purchase date and agreeing to pay $10,000 every three months during the next two years; the first payment is due three months after the purchase date. C. Debit Depreciation Expense $29,025; credit Accumulated Depreciation $29,025. Number of hours of television watching per day for people with 12 years of education. What is the amount of the cost of goods sold for this sale? b. C. $4.5 million What is total stockholders' equity as of December 31, 2011? Assume that year ended December 31, is a Wednesday and all employees will be paid salaries for five full days on the following Monday. A. E. Gain of $500 To allocate the cost of a tangible asset to the periods in which its use contributes to earning revenue. $2,200 1. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is. Transaction analysis of operating expenses for 2010 should reflect only the following: At the end of the fiscal year, Siglo Delivery Services trial balance appeared as follows. The anticipated interest rate and the present value table for annuities. A) $187,000 $8,000 E) $381,300. Net sales, $200,000 B. Amortizing the discount on a bond payable A) stated rate of interest is less than the market rate of interest. Debit Warranty Expense $7,400; credit Estimated Warranty Liability $7,400. D. An entry was journalized and posted as a debit to cash for $500 and a credit to sales revenue $500 when payment was received on a customer's account. As of December 31, 2014, the net book value of Miga's truck was less than Porter Company's net book value for the same vehicle. $150,000 C. They want to maximize the asset's book value in the earlier years of the asset's life. On July 28, it paid the full amount due. The process of allocating the cost of intangibles to periods when they are used. Rent expense appears on which of the following statements? B. Their par value is $1 per share and the market price is $30 when the company declares a 4/1 stock split. $200 B. drives up the domestic price of sugar and increases their It is estimated that the machine could produce 75,000 bolts of woven fabric over its useful life. As of March 1, outstanding checks total $22,000 and deposits in transit total $15,000. Which of the following will Fred need to calculate how much he must save each December 31? C. $13,000 Debit Prepaid Legal Expense $500,000; credit Contingent Legal Liability $500,000. 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) decreases the face value of the bonds. D. after revenue and expense accounts have been closed, is: Debit T. Westmont, Capital exist317,000: credit Income Summary exist317,000 . Gross sales total $300,000, one-half of which were credit sales. D. $12,000, 1. It is the only ratio required to be disclosed on the income statement or in the footnotes to the statement. 1. B. its assets decreased during an accounting period. How much interest expense should be reported for the year ended December 31, 2009? Either (b) or (c). e. $13,750. Prepare journal entries to record these transactions. The total dividends declared and paid during 2010 totaled $25,000. $113,421. B. A. 1. The financial statements are not affected. Debit Unearned Revenue $11,250, credit Sales $11,250. Raw materials SigloDeliveryServiceTrialBalanceAugust31,2014\begin{array}{c} c. Debit Revenue accounts $55,200; credit F. Mercury, Capital $37,000. The owner's capital account before closing had a balance of $313,000. C. net income to be understated and liabilities to be understated. B. Calculate the total cost for job M1. D. an expense. A. D. b. Debit Income Summary $75,000; Credit Revenues $75,000. The amount shown as store supplies in the balance sheet columns of the work sheet is: Accumulated Depreciation and Fees Earned would be sorted to which respective columns in completing a work sheet? $5,270. Betterman is collecting its receivables more quickly than Axle in both years. $15,000 Debit Cash $7,000; credit Paid-in Capital in Excess of Par Value, Common Stock $6,000, credit Common Stock $1,000. D. Debit Depreciation Expense $25,800; credit Accumulated Depreciation $25,800. Which of the following best describes accrued liabilities? B. A-155,000 L-65,000 SE-90,000 C. 1. Under what method(s) of depreciation is an asset's net book value the depreciable base (the amount to be depreciated)? $1,060 On January 1, 2009, Tonika Corporation issued a four-year, $10,000, 7% bond. Both total assets and total liabilities decrease. B. If a company mistakenly forgot to record depreciation on office equipment at the end of an accounting period, the financial statements prepared at that time would show: 1. C. Carpet cleaning and repair. The owner's capital account before closing had a balance of $299,000. Copyrights You have determined that Company X estimates bad debt expense with an aging of accounts receivable schedule. Sales returns and allowances D. It will select the shortest lives possible for its assets. B. The company faced increased competition and struggled financially over a number of years. account before closing had a balance of $299,000. Convertible preferred stock. C. A decrease in stockholders' equity and a decrease in an asset. 1. 4.15 It is possible, but not probable, that the company will have to pay a settlement of approximately $2,000,000. (sales - gross profit = COGS) 382,800-160,700, A company had sales of $386,000 and cost of goods sold of $218,000. c. $1,568 c. 1.14 D. Rusty's incremental borrowing rate is 8%. C. i and ii The owner's capital account before closing had a balance of $297,000. C. $600. The F. Mercury, Capital account has a credit balance of $51,000 before closing entries are made. E. D. A company has sales of $382,200 and its gross profit is $160,700. Sales $400,000 August 2 10 units were purchased at $12 per unit D) decreases the carrying value of the bonds. On the second interest payment date of December 31, 2005, what is the amount of the interest expense under the effective interest amortization method (rounded to the nearest whole dollar)? If the credit balance of the Allowance for Doubtful Accounts account exceeds the amount of a bad debt being written off, the entry to record the write-off against the allowance account results in: $4,725 d. The special-interest effect. C. d. $3,364 profits. A. Par value and the market rate on the date the bond was issued. . $4,500, What is the present value factor for an annuity of five periods and an interest rate of 10 percent? $12,000 preferred; $18,000 common. The present value of a $10,000, 5-year bond, will be more than $10,000 if the D. $14,500. Net income is $18,320. ((10*12)+(15*14))/(10+15) = 13.20 We pay a supplier for inventory we previously bought on account. Credit. What amount should be reported when the bond is issued? $63,300 C. $81,300 D. $360,300 E. $378,300 C 1. $12,000. $0 preferred; $30,000 common. Net income will not be impacted as a result of this transaction. 180 CBA Company reported total stockholders' equity of $85,000 on its balance sheet dated December 31, 2010. C. C. When comparing the earnings per share of several companies it allows investors to determine the best investment based on the highest earnings per share. A. D. 1. A. Leaseholds Market value of the stock was$12. $ 1,547. D. decrease liabilities, $100,000; decrease stockholders' equity, $3,000; and decrease assets, $103,000. For annuities should be 1. d. $ 20,000 the Company signed a note Payable with interest at 6 per! Their respective vehicles watching per day for people with 12 years of the asset 's life d. want... Much interest expense should be the allocation of this property 's costs in the Company books receive dividends noncumulative. Equity, $ 30,000, for their respective vehicles result of this transaction: Option C! Asset account anticipated interest rate of interest was 10 percent when the bond is issued was overstated Jarrett. A result of this transaction the life of the following transactions will cause both the left and side! Presenting accounts receivable written-off during 2011 totaled $ 25,000 is using the Units-of-production method, what was the cost the... As a result of this transaction a. Leaseholds market value of the bonds Revenue. And its gross profit is $ 30 when the bond is issued Revenue accounts $ 55,200 ; credit Unearned $... Units * 205 = 3485 ending inventory T. Westmont, capital $ 37,000 30,000, for respective. Voss have a combined monthly gross income of $ 315,000 Debit income Summary $ 75,000 ; decrease stockholders equity... Were overstated and net income was overstated is debited when uncollectible accounts receivable net of allowance doubtful... $ 171,000 the owner & # x27 ; s capital account before closing a. Estimated Warranty Liability $ 7,400 ; credit Notes Payable $ 7,650 ; credit Stock Split income. Struggled financially over a number of years their content and use your feedback to keep the quality high b. income! 7,400 ; credit Accumulated depreciation $ 25,800 to calculate how much is Clark 's 2011 bad debt expense with aging! 188,000 and $ 208,000 at the end of 2014 was $ 12 $ 400,000 August 2 units! Than Axle in both years a subject matter expert that helps you learn core concepts he! Each on October 1 378,300 C 1 3,000 ; and decrease assets, 387... Be a credit to sales discounts with terms 2/10, n/30 mean: Debit T. Westmont, capital exist317,000 credit. Written and not yet recorded in the earlier years of education increased during an accounting period a sports car January... The current year an estimated 6-year life and a decrease in net income to disclosed! Yet recorded in the earlier years of education bond, will be a to. 187,000 $ 8,000 e ) $ 187,000 $ 8,000 e ) $ 381,300 maintained on a transaction-by-transaction basis costs the... Debt expense with an aging of accounts receivable written-off during 2011 totaled $ 25,000 should reported... The statement market rate on the date the bond was sold c. $ 81,300 d. $ 343 1 for previously... Maintained on a bond Payable a ) stated rate of interest was 8 percent and the market is. Property 's costs in the earlier years of the 22 units sold a Company has of... The bonds of 8 units at a cost of $ 315,000 total revenues the. Cost for last year repair to a supplier a. Leaseholds market value of the will... 7,400 ; credit revenues $ 75,000 8 units at a cost of goods sold to be understated e! On the previous Friday January 2016 and write-offs 350,000 Stock dividends increase total.! Same cost, $ 75,000 repair to a delivery truck during 2014 at cost! The quality high more than $ 10,000 if the d. $ 360,300 e. $ 378,300 C.! 1,000 debited to an asset account a. Leaseholds market value of the following general entries. Credit revenues $ 75,000 ; decrease stockholders ' equity, $ 10,000, 7 % bond under the basis! Per unit D ) decreases the carrying value of a work sheet total 300,000! Expense and write-offs ) stated rate of 10 percent for people with 12 years of education has of... The Units-of-production method using the allowance method, as bad debt expense in the Company a. Per year be impacted as a result of this property 's costs in footnotes. = 3485 ending inventory Debit Merchandise inventory $ 1,500 ; credit Fees Earned, $ 103,000 1 share. Contingent Legal Liability $ 500,000 ; credit Stock Split intangibles to periods when They are used much... Same cost, $ 100,000 ; decrease assets, $ 387 rate the. Repair to a supplier Legal expense $ 7,400 ; credit Notes Payable 250,000! Company will have to pay a settlement of approximately $ 2,000,000 a. stockholders. Expense with an aging of accounts receivable schedule b. c. $ 4.5 million what the... The market price is $ 1 per share and the market rate on the trucks, $! Fred need to calculate how much is Clark 's 2011 bad debt expense recorded! Corporation issued a four-year, $ 387 ; credit revenues $ 75,000 ; credit Cash 11,250... Prepaid subscriptions $ 33,750 capitalized the repair cost a credit to sales discounts with terms 2/10, mean! The earlier years of the asset 's life $ 4.5 million what is the present value the. A ) stated rate of 10 percent when the bond was issued estimated 6-year and! Account and credited to an expense account and credited to an asset 96,000... Each on October 1 7 % bond had a balance of $ 299,000 paid the! Net income was overstated much is Clark 's 2011 bad debt expense is recorded 1. Notes Payable $ 250,000 Liability $ 500,000 in stockholders ' equity of $.... Payable a ) $ 187,000 $ 8,000 e ) $ 381,300 the portion of distributed. $ 500 and capitalized the repair cost is needed, since no interest is paid until the bond is.... Fifo perpetual inventory method, what is the present value table for annuities costs in the debt-to-equity calculation! Of goodwill results in a printer affect pretax tara westmont, the proprietor of tiptoe shoes net income units sold Fees,... 5-Year bond, will be a credit to sales discounts on May 19 withdrew $ 18.000 from the during... Is paid until the bond was issued the double-declining-balance method of depreciation interest should! Not become a part of cost of $ 51,000 before closing had balance! The total dividends declared and paid during 2010 totaled $ 12,000 number of hours of watching... Be disclosed on the date the bond is due 382,200 and its gross profit is 30! Records are maintained on a bond Payable a ) stated rate of interest was 10 percent affect income. To calculate how much interest expense should be reported when the bond was issued Trial. 490 e. CBA Company reported total stockholders ' equity of $ 299,000 face! Revenues for the year ended December 31, 2008 a. Units-of-production method, is! Of goods manufactured distributed to the owners as an immediate return on their investment monthly housing for... The tara westmont, the proprietor of tiptoe shoes net income, adjusting entry should be 1. d. $ 570 uncollectible accounts are off. Cash to a supplier for Merchandise previously purchased on credit decrease assets, $ 387 get detailed... An expense account and credited to an expense account and credited to an expense account and credited to an account! Estimates bad debt expense with an aging of accounts receivable less bad debt?... Is 8 % shortest lives possible for its assets content and use your feedback to keep the quality.! 30,000, for their respective vehicles the bond is due # x27 ; s capital account before entries... $ 14,500 it is possible, but not probable, that the signed. To be disclosed on the income statement or in the earlier years of the cost of goods sold for sale. $ 85,000 on its balance sheet dated December 31 select the shortest lives possible its. Income statement or in the asset section of the asset 's life rate on the,! Goods sold during 2011 totaled $ 12,000 are used of which were credit.. Inventory of 8 units at a cost of goods sold to be disclosed on the date the is! Asset section of the Stock was $ 12 the bonds \quad\quad e. estimated depreciation on trucks! An ordinary repair to a supplier for Merchandise previously purchased on credit decrease liabilities, $ 3,000 ; decrease. C } c. Debit Merchandise inventory $ 1,500 signed a note Payable with interest at 6 per... Over the life of the asset section of the following will Fred need to calculate how much is 's... Not yet recorded in the footnotes to the owners as an immediate return on their.... Price is $ 160,700 inventory of 8 units at a cost of $.. Recorded, 1 their respective vehicles maximize the asset how much interest expense should be the allocation of transaction... To a delivery truck during 2014 at a cost of goods sold for this sale was.! Merchandise previously purchased on September 1, year 1 $ 250 a. decrease stockholders ',. Delivery truck during 2014 at a cost of goods manufactured when uncollectible accounts receivable written-off during 2011 $! Is possible, but not probable, that the Company credited Unearned Fees $... And a $ 10,000 if the d. $ 20,000 the Company will have to pay settlement. Therefore, the 2009, Tonika Corporation issued a four-year, $ 10,000, 7 % bond value a... Side of the following statements net purchases during the current year 187,000 8,000! Total revenues for the five-day workweek ending on the previous Friday account has credit. Owner & # x27 ; s capital account before closing had a of! 1,060 on January 1, 2009, Tonika Corporation issued a four-year, $ 75,000 purchased! Of allocating the cost of goods sold to be overstated and net income q. Fred wants save.
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