A cash register tape shows cash sales of $9600 and sales taxes of $480. The journal entry to record this information is: a. Cash10080
Sales Revenue 9600

b. Sales Taxes
Payable 480
Cash10080

c. Sales Tax Revenue 480
Sales Revenue 9600
Cash9600

d. Sales Tax Expense480
Sales Revenue 10080
Cash9600

Which value describes the desire to be one’s own boss? a. autonomy b. status c. security d. entrepreneurship

Selected data for stick’s design are given as of december 31, year 1 and year 2 (rounded to the nearest hundredth). year 2 year 1 net credit sales $25,000 $30,000 cost of goods sold 16,000 18,000 net income 2,000 2,800 cash 5,000 900 accounts receivable 3,000 2,000 inventory 2,000 3,600 current liabilities 6,000 5,000 compute the following: 1. current ratio for year 2 2. acid-test ratio for year 2 3. accounts receivable turnover for year 2 4. average collection period for year 2 5. inventory turnover for year 2

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period