Dennison Company reports depreciation expense of $35,000 for Year 2. Also, equipment costing $140,000 was sold for a $5,000 gain in Year 2. The following selected information is available for Dennison Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.  At December 31 Year 2 Year 1 Equipment $ 610,000   $ 750,000   Accumulated Depreciation-Equipment   428,000     500,000  

Net income divided by average total assets is:

During the first week of January, an employee works 46 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $16 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. The employee has $80 in federal income taxes withheld. What is the amount of this employee’s net pay for the first week of January?

Zeppelin Company reported Cost of goods sold of $835,000 and average Inventory of $41,750. The Inventory turnover ratio is:

Cardarelli Corporation reported Net sales of $3.6 million and beginning Total assets of $0.9 million and ending Total assets of $1.3 million. The average Total asset amount is:

Two clerks sharing the same cash register is a violation of which internal control principle?

Obsolescence refers to the insufficient capacity of a company’s plant assets to meet the company’s growing productive demands.

If a company is comparing this year’s financial performance to last year’s financial performance, it is using horizontal analysis.

Since it is recommended by the FASB, the direct method of preparing the statement of cash flows is most frequently used.

A simple tool that is widely used in accounting to represent a ledger account and to understand how debits and credits affect an account balance is called a: