John Smith, owner of Smithco, made a personal loan of $10,000 to his brother and recorded the loan as a receivable on Smitheo's books. This action represents a violation of the 11 A. Disclosure principle. B. Separate entity assumption C. Revenue recognition principle D. Matching principle When salaries are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first time period? 12. A. Due from Employees. B. Due to Employer. C. Salaries Payable D. Salaries Expense A company has the following transactions: 13 1. Performed services after receiving a cash deposit 2. Paid rent in advance. 3. Paid dividends to stockholders in the current period. 4. Received (but did not pay) a bill for electricity used 5. Used supplies previously purchased. How many of these transactions result in an expense being reported using accrual-basis accounting? A. 1 B. 2 С. 3 D. 4 On January 4, Hawk Corporation sold merchandise on account for $500, terms 2/10, n/30. Payment is received from the customer on January 13. As a result of these transactions, on January 13 Hawk will A. Debit Cash for $490 B. Credit Accounts Receivable for $490 C. Debit Accounts Receivable for $500 D. Credit Sales Discounts for $10 14 15 The inventory turnover ratio is calculated by dividing A. Cost of goods sold by ending inventory B. Net sales by average inventory C. Cost of goods sold by average inventory D. Net sales by ending inventory

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