On November 1, Nim Com Soup

On November 1, Nim Com Soup

Question 27                                                                                                                                       0 out of 0.2 points

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On November 1, Nim Com Soup, Inc., borrowed $33,000 by issuing a 6-month note at 12%. Interest Payable at December 31, equals ______.

 

Question 28                                                                                                                                       0 out of 0.2 points

 

On December 1, Morris Lest, Inc., borrowed $79,000 by issuing a 7-month note at 6%. Interest Payable at December 31 equals ______.

 

Question 29                                                                                                                                       0 out of 0.2 points

 

The adjusting entry to record depreciation on equipment includes a ______. (Select all that apply.)       Question 30                                                                                                                                        0 out of 0.2 points

 

Kincaid Company’s Retained Earnings balance on january 1 was $6,000. During the current year, Kincaid earned $6,400 in revenues and incurred $4,200 in expenses. Kincaid paid $2,500 in dividends, all in cash. After the closing entries are made, Kincaid’s Retained Earnings balance on December 31 will be ______.

 

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