Herb sells office equipment for $1,000 cash. The applicable…

Herb sells office equipment for $1,000 cash. The applicable sales tax rate is 7%. Herb uses a periodic inventory system. Which of the following journal entries to record this sale is correct?   Accounts Debit Credit A Equipment $1,070                  Sales Revenue   $1,000                Sales Tax Payable   $70 B Cash $1,070                  Sales Revenue   $1,070 C Cash $1,070                   Sales Tax Payable   $1,070 D Cash $1,070                  Sales Revenue   $1,000                Sales Tax Payable   $70

Choose the appropriate letter to match the account balance c…

Choose the appropriate letter to match the account balance change with the type of adjustment made to net income when using the indirect method to determine net cash flow provided by operating activities. Type of Adjustment:A: Add item to net incomeB: Subtract item from net incomeN: No adjustment necessary Note: Use UPPERCASE LETTERS TO ANSWER.

On November 1, 2023, Gump Inc. issued 1,000 shares of $50 pa…

On November 1, 2023, Gump Inc. issued 1,000 shares of $50 par value, 6% cumulative preferred stock, and 100,000 shares of $1 par value common stock. No dividends were declared in 2023. In 2024, Gump declared and paid a $15,000 dividend to its stockholders. Assuming all shares originally issued are outstanding, the total dividend paid to the preferred stockholders equals: