Belcher Inc. maintains a $400 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $110 for office supplies, $140 for merchandise inventory, and $70 for miscellaneous expenses. There is a cash overage of $4. Based on this information, the amount of cash in the fund before the replenishment is:

Which of the following items is reported on the statement of cash flows under financing activities?

During June, Chandler, Inc. sells $850,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 3% of the selling price. Customers returned $14,000 of merchandise for warranty replacement during the month. The entry to record the estimated warranty provision at the end of the month is:

The accounting concept that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the:

The following information is available for Zeppelin Company before closing the accounts. After all of the closing entries are made, what will be the balance in the Retained earnings account?        Net income $ 115,000 Retained earnings   110,000 Dividends   39,000

During June, Chandler, Inc. sells $850,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 3% of the selling price. Customers returned $14,000 of merchandise for warranty replacement during the month. The entry to record the estimated warranty provision at the end of the month is:

On July 1, Silver Spurs Hotel borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What is the appropriate journal entry to record the issuance of the note?

The income statement reports all of the following except:

Morgan Corporation’s quick assets are $5,888,000, its current assets are $11,700,000 and its current liabilities are $8,000,000. Its acid-test ratio equals:

The accrual basis of accounting reflects the principle that revenue is recorded when it is earned, not when cash is received.