Baggins’s net income for the year ended December 31, Year 2 was $175,000. Information from Baggins’s comparative balance sheets is given below. Compute the cash paid for dividends during Year 2.  At December 31 Year 2 Year 1 Common Stock, $5 par value $ 500,000   $ 450,000   Paid-in capital in excess of par   948,000     853,000   Retained earnings   688,000     582,000  

Accounts payable appear on which of the following statements?

If a company plans to continue business into the future, closing entries are not required.

The balance sheet is based on the accounting equation.

The entry to establish a petty cash fund includes:

All of the following are asset accounts except:

The chief executive officer earns $20,000 per month. As of May 31, her gross pay was $100,000. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. What is the amount of FICA-Social Security withheld from this employee for the month of June?

The accrual basis of accounting:

The statement of cash flows explains how transactions and events impact the end-of-period cash balance to produce the end-of-period net income.

Austin Company reported Net sales of $1,200,000 and Accounts Receivable, net of $78,500. The Day’s sales uncollected (rounded to whole days) is: