September 3, 2020

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16) Sheldon Company began Year 1 with $1,200 in its supplies account. If Retained Earnings on the balance sheet as of December 31, Year 2, amount to $18,000 and Stosch paid a $14,000 dividend during Year 2, then the amount of net income for Year 2 was which of the following? 69) Which of the following could represent the effects of an asset exchange transaction on a company's financial statements? This phenomenon occurs when a political party has no incentive to appeal to a loyal group of constituents to win their votes. 3. An asset exchange transaction increases one asset and decreases another, so it does not affect total assets, liabilities or equity. 50) Earning revenue on account would be classified as a/an? The year-end adjustment on December 31, Year 1, to recognize the partial expiration of the contract will. The company purchased $16,000 of merchandise from Andes Company under the terms 2/10, net/30. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Revenue earned by the company in Year 2 was $1,500, expenses paid during the period were $800, and dividends paid during the period were $500. 19) On April 1, Snell Company made a $50,000 sale giving the customer terms of 3/10/n30. 1. 50) Assume the perpetual inventory method is used. (Assume all transactions are cash transactions.). 7) Product costs are matched against sales revenue: 16) Galaxy Company sold merchandise costing $1,700 for $2,600 cash. -1) Def.---> a legal doctrine that protects the rights, immunites and privileges of a US citizen from state laws. On Saturday, October 10th, we'll be doing some maintenance on Quizlet to keep things running smoothly. 18) Kenyon Company experienced a transaction that had the following effect on the financial statements: D) Return to a supplier of merchandise purchased on account. 14) If a company's total assets increased while liabilities and common stock were unchanged, then: 19) On January 1, Year 2, Chavez Company had beginning balances as follows: 22) At the end of Year 2, retained earnings for the Baker Company was $3,500. Quizlet will be unavailable from 4-5 PM PT. This program by the US State department assists LGBTQ abroad. First same sex case to get to Supreme court, but gets shutdown. Explanation: An asset use transaction decreases assets and decreases either liabilities (in the case of repaying debt) or equity (in the case of paying dividends or expenses). The company collected $6,000 cash from accounts receivable and paid $5,400 cash for operating expenses. It may or may not increase expenses and decrease net income. Ballard paid for the merchandise within 10 days and also paid $500 freight to obtain the goods under terms FOB shipping point. What state enacted the fair education act, requiring schools to teach LGBTQ contributions to history. 38) During Year 2, Chico Company earned $1,950 of cash revenue, paid $1,600 of cash expenses, and paid a $150 cash dividend to its owners. 2. -What type of case was it---> Eminent Domain case, -What does it protect---> it explicitly protects the privileges and immunities of US citizens from state laws, - a Louisiana class action suit to stop Crescent City Co from taking over the slaughterhouse industry due to health concerns, -What happened during this time period?---> the Sup Crt begins to soften its position and applied aspects of the Bill of Rights as part of either the due process clause or the privileges and immunities clause. Provided $4,600 of services on account. 11) Stosch Company's balance sheet reported assets of $40,000, liabilities of $15,000 and common stock of $12,000 as of December 31, Year 1. During Year 1, Bledsoe earned $8,500 of revenue on account. Quizlet flashcards, activities and games help you improve your grades. Issued $12,000 of common stock to stockholders. Which of the following choices reflects the effects of this event on the financial statements?

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