14. Under IFRS, equity is described as each of the following except a. retained equity. b. shareholders funds. c. owners equity. d. capital and reserves

19. Stockton Company uses the percentage of sales method for recording bad debt expense. For the year, cash sales are $600,000 and credit sales are $2,700,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Stockton Company make to record the bad debt expense?

a. Bad Debt Expense 33,000 Allowance for Doubtful Accounts 33,000 b. Bad Debt Expense 27,000 Allowance for Doubtful Accounts 27,000 c. Bad Debt Expense 27,000 Accounts Receivable 27,000 d. Bad Debt Expense 33,000 Accounts Receivable 33,000

21. On September 1, Joe's Painting Service borrows $150,000 from National Bank on a 4-month, $150,000, 6% note. The entry by Joe's Painting Service to record payment of the note and accrued interest on January 1 is a. Notes Payable 153,000 Cash 153,000 b. Notes Payable 150,000 Interest Payable 3,000 Cash 153,000 c. Notes Payable 150,000 Interest Payable 9,000 Cash 159,000 d. Notes Payable 150,000 Interest Expense 3,000 Cash 153,000

12. Start Inc. has 5,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2015. What is the annual dividend on the preferred stock? a. $50 per share b. $25,000 in total c. $50,000 in total d. $0.50 per share