After a bank reconciliation is completed, journal entries are prepared for items in the balance per company'srecords as well as items in the balance per bank statement.
a. True
b. False
Indicate whether the statement is true or false
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Q. 2) Brook's Bike Company sold 80 mountain bikes during May. The company offered a one-year warranty. Future warranty expense was estimated to be 25 per bike.
During May, the company spent 115 on parts and labor to repair three bikes that were under warranty. The warranty expense for May was ________.
A) 115
B) 345
C) 2,000
D) 2,115
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Q. 3) In an on-line computer system, restricting user access to programs and data files includes all of the following except:
a. user identification
b. user authentication
c. determining user access rights
d. wearing identification badges
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Q. 4) On December 15, 2011, the board of directors of Ryes, Inc declared a cash dividend of 2 per share on the 100,000 common shares outstanding, payable January 8, 2012. No dividends were declared in 2012.
For each item, write in the amount (even if 0 ) in the column of the one financial statement where the amount is found.
December 31, 2011 financials: Income Statement Statement of Changes in Shareholders' Equity Statement of Cash Flows Balance Sheet
1. Dividends payable
2. Dividends
3. Dividends paid
December 31, 2012 financials: Income Statement Statement of Changes in Shareholders' Equity Statement of Cash Flows Balance Sheet
4. Dividends payable
5. Dividends
6. Dividends paid
What will be an ideal response?
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Q. 5) Employers report payroll taxes withheld each quarter using ____________________.
Fill in the blank(s) with correct word
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Q. 6) Secured loans give the bondholders a claim to a specific asset of the company in case of default.
Indicate whether the statement is true or false
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