JC recorded journal entries for the declaration of $200,000 of dividends, the $60,000 increase in accounts receivable for services rendered, and the purchase of equipment for $100,000. What net effect do these entries have on owners equity?

Indicate amount and increase or decrease_______

In November and December 2010, Splash Co., received $100,000 for 1,000 three-year subscriptions at $100 per year, starting with the January 2011 issue. Splash included the entire $100,000 in its 2010 income statement. What amount should Splash report in its 2010 income statement for subscriptions revenue?

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KCo. pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. KCo accrues salaries expense only at its December 31 year end. Data relating to salaries earned in December 2010 are as follows:

Last payroll was paid on 12/26/10, for the 2-week period ended 12/26/10.

Overtime pay earned in the 2-week period ended 12/26/10 was $20,000.

Remaining work days in 2010 were December 29, 30, 31, on which days there was no overtime.

The recurring biweekly salaries total $360,000.

Assuming a five-day work week, KCo. should record a liability at December 31, 2010 for accrued salaries of

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The following information is available for Mill Company for 2010:

Disbursements for purchases $2,000,000

Decrease in trade accounts payable 75,000

Increase in merchandise inventory 30,000

Costs of goods sold for 2010 was

Answer________________