Category prior year current year accounts payable accounts receivable 320,715 397,400 accruals 40,500 33,750 additional paid in capital 500,000 541,650 cash 17,500 47,500 common stock 94,000 105,000 cogs 328,500 430,273.00 current portion long-term debt 33,750 35,000 depreciation expense 54,000 54,201.00 interest expense 40,500 42,805.00 inventories 279,000 288,000 long-term debt 339,570.00 398,024.00 net fixed assets 946,535 999,000 notes payable 148,500 162,000 operating expenses (excl. depr.) 126,000 162,475.00 retained earnings 306,000 342,000 sales 639,000 847,787.00 taxes 24,750 48,472.00 what is the entry for the current year's taxes on a common-sized income statement?

Required prepare the necessary adjusting entries in the general journal as of december 31, assuming the following: on september 1, the company entered into a prepaid equipment maintenance contract. birch company paid $3,400 to cover maintenance service for six months, beginning september 1. the payment was debited to prepaid maintenance. supplies on hand at december 31 are $3,900. unearned commission fees at december 31 are $7,000. commission fees earned but not yet billed at december 31 are $3,500. (note: debit fees receivable.) birch company's lease calls for rent of $1,600 per month payable on the first of each month, plus an annual amount equal to 1% of annual commissions earned. this additional rent is payable on january 10 of the following year. (note: be sure to use the adjusted amount of commissions earned in computing the additional rent.)

3. describe the purpose of the sec. (1-4 sentences. 2.0 points)

Which of the following is an example of a production quota? a. the government sets an upper limit on the quantity that each dairy farmer can produce. b. the government sets a price floor in the market for dairy products. c. the government sets a lower limit on the quantity that each dairy farmer can produce. d. the government guarantees to buy a specified quantity of dairy products from farmers.