A company paid Jennifer Hemkens, its sole stockholder, a total of $35,000 in dividends during the current year. The entry needed to close the dividends account is:

Murphy, Inc. purchases a machine at the beginning of the year at a cost of $60,000. The machine is depreciated using the double-declining-balance method. The machine’s useful life is estimated to be 4 years with a $5,000 salvage value. The machine’s book value at the end of year 3 is:

Based on the following information from Sicard Company’s balance sheet, calculate the current ratio.        Current assets $ 87,000 Investments   50,000 Plant assets   220,000 Current liabilities   39,000 Long-term liabilities   90,000 Retained earnings   228,000

Cash investments by stockholders are listed on which of the following statement(s)?

On December 15 of the current year, Cooper Bookkeeping Services signed a $40,000 contract with a client to provide bookkeeping services to the client in the following year. Which accounting principle would require Cooper Bookkeeping Services to record the bookkeeping revenue in the following year and not the year the cash was received?

Reversing entries are optional.

Identify the item below that would cause the trial balance to not balance.

A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. There were no stockholder investments or dividends during the year. Liabilities at the end of the year totaled $92,000. What are the total assets of the company at the end of the year?

Buckle Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?

Reversing entries are optional.