Team Shirts repurchased 3,700 worth of its stock via the stock market. This purchase ________.
A) increased assets
B) decreased total shareholders' equity
C) increased retained earnings
D) decreased retained earnings
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Q. 2) _____________________________
_ controls restrict access to data, programs and documentation.
Fill in the blank(s) with correct word
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Q. 3) On January 1, 2011, Climax Corporation signed a 10,000,000, 6, 10-year mortgage note to finance the construction of its new hotel in Cancun. The note will be repaid in 10 equal annual installments of 1,358,679.
The first payment was made on December 31, 2011. How much of the first mortgage payment was interest? Round your answer to the nearest dollar.
A) 1,000,000
B) 81,521
C) 1,358,679
D) 600,000
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Q. 4) The account in which the revenue earned from the sale of merchandise is entered is
a. Capital.
b. Sales.
c. Cash.
d. Inventory.
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Q. 5) The preparation of cash budgets includes ________.
A) estimating in detail the amount and the timing of cash receipts and disbursements
B) categorizing cash inflows and outflows by operating, financing, and investing activities
C) securing a line of credit from a bank
D) all of these
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Q. 6) Consider the following information taken from the cash account. Assume cash payments were 80 of collections. Cash ?? Beg. balance 115,375 Collections ?? Disbursements 80,275 End balance How much was the beginning balance of the cash account?
a. 57,200 b. 92,300
c. 103,350 d. 35,100
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