Powers Corporation had accounts receivable of $110,000 at the beginning the year and $140,000 at the end of the year and accounts payable at the beginning of the year of $40,000 and $45,000 at the end of the year. Cash sales for the year were $350,000 and sales on account for the year amounted to $475,000. The amount to be reported on the statement of cash flows for cash collections from customers under the direct method is:

Plastics have been found in the deepest place on our planet, the Mariana Trench?

Anaerobic organisms require oxygen to survive.

Sweetwater Inc. declares a 40% stock dividend on its 100,000 common shares outstanding. Just prior to the declaration of the dividend Sweetwater Inc.’s common stock had a $4 par value and a $25 market value. What amount of retained earnings should be transferred to the common stock account?

Characteristics of active continental margins include all of the following except:

On January 1, 2020 Paige Corporation issued $4,000,000, 10 year, 12% bonds. The bonds pay interest semi-annually. At the time of issuance the market rate of interest is 8%.  Calculate the issue price of the bond.

Which of the following have we covered Week 1? 

Oceanography is divided into four different academic disciplines or subfields of study. Which one is not mentioned in the textbook?

The shape of Earth’s hypsographic curve can be used to support the existence of plate tectonics.

Braun Company acquired a piece of equipment from Tipper Company under a lease. The lease requires eight annual lease payments of $30,000 with the first payment due when the lease begins, on January 1, 2020. Future lease payments are due on January 1 of each year of the lease term.  The interest rate in the lease is 6%.  What amount should Braun Company debit the equipment account on the date of acquisition.