The following information relates to Sheridan Company for the year 2020. Retained earnings, January 1, 2020 $53,760
Advertising expense $ 2,016
Dividends during 2020 5,600
Rent expense 11,648
Service revenue 70,000
Utilities expense 3,472
Salaries and wages expense 31,360
after analyzing the data, compute net income.

Which of the following is the least effective way to reach a potential sales prospect? referral cold call direct mail personal visit

Prior to its closing, income summary had total debits of $1,190,500 and total credits of $1,476,300. what purpose is served by the income summary account and what is the nature of the entries that resulted in the $1,190,500 and the $1,476,300? the income summary account is used to the accounts. the $1,190,500 represents the , and the $1,476,300 represents . the company had of $ .

Mae jong corp. issues $1,000,000 of 10% bonds payable which may be converted into 10,000 shares of $2 par value ordinary shares. the market rate of interest on similar bonds is 12%. interest is payable annually on december 31, and the bonds were issued for total proceeds of $1,000,000. in accounting for these bonds, mae jong corp. will: (a) first assign a value to the equity component, then determine the liability component. (b) assign no value to the equity component since the conversion privilege is not separable from the bond.(c) first assign a value to the liability component based on the face amount of the bond.(d) use the “with-and-without” method to value the compound instrument.