____ 4. Larken Company\'srecords show the following for the month of January: To
ID: 2458269 • Letter: #
Question
____ 4. Larken Company'srecords show the following for the month of January:
Total Retained Earnings at January 1........................................ $400,000
Total Retained Earnings at January 31...................................... 500,000
Total Revenues........................................................................... 670,000
Total Dividends Declared........................................................... 40,000
Total expenses for January were
a. $740,000.
b. $770,000.
c. $570,000.
d. $530,000.
____ 6. Which of the followingerrors will cause a trial balance to be out of balance? Theentry to record a payment on account was
a. not posted at all.
b. posted as a debit to Cash and a credit to AccountsPayable.
c. posted as a debit to Cash and a debit to AccountsPayable.
d. posted as a debit to Accounts Receivable and acredit to Cash.
Explanation / Answer
1.C help predict future events. 2. B materiality. ( relevance, reliability, comparability andconsistency are primary and secondary qualitativecharacteristics) 3.B segregation of duties ( verified by a supervisor is dutysegregation. if handled by just one person, stealing ispossible) 4.D 530,000 ( 400,000 + 670,000 -40,000-500,000) 5 B 6. C debit to cash and debit to accounts payable. 7 C 8 D 9 C 10. B is a required financial statement.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.