ABC Limited had $800,000 in net sales, $350,000 in gross profit, and $200,000 in operating expenses. Cost of goods sold equals:

On May 22, Jarred, Inc. borrows $7,500 from A-1 Loans, signing a 90-day, 8%, $7,500 note. What is the journal entry needed to record the transaction by Jarred, Inc.?

The trial balance can serve as a replacement for the balance sheet, since total debits must equal total credits.

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:

The Sarbanes-Oxley Act (SOX) requires each issuer of securities to disclose whether it has adopted a code of ethics for its senior financial officers and the contents of that code.

A cash-based measure to help business decision makers estimate the amount and timing of cash flows is the cash flow on total assets ratio.

On September 1, Cooper, Inc. signed a $50,000, 90-day, 5% note payable with Northern Savings Bank. What is the journal entry that should be recorded by Cooper, Inc. upon maturity of the note? (Use 360 days a year.)

On November 1, Boris, Inc. signed a 120-day, 8% note payable, with a face value of $9,000. What is the maturity value of the note on March 1? (Use 360 days a year.)

The direct method separately lists each major item of operating cash receipts and cash payments.

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: