Smith law firm specializes in the preparation of wills for estate planning. on october 1, 2021, the company begins operations by issuing stock for $10,000 and obtaining a loan from a local bank for $17,000. by the end of 2021, the company provides will preparation services of $24,000 cash and pays employee salaries of $15,000. in addition, smith pays $1,200 in cash dividends to stockholders on december 31, 2021. determine the amount of financing cash flows smith would report in 2021. (amounts to be deducted should be indicated with a minus sign.)

Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.

The face of a company is often that of the lowest paid employees who meet the customers. select one: true false

Aaron corporation, which has only one product, has provided the following data concerning its most recent month of operations: selling price $ 102 units in beginning inventory 0 units produced 4,900 units sold 4,260 units in ending inventory 640 variable costs per unit: direct materials $ 20 direct labor $ 41 variable manufacturing overhead $ 5 variable selling and administrative expense $ 4 fixed costs: fixed manufacturing overhead $ 64,200 fixed selling and administrative expense $ 2,900 the total contribution margin for the month under variable costing is: