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Question
cash dividends are not a liability of the corporation until they are declared by the board of directors.
Answer
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Related questions
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an adjusted trial balance proves the ______________ of the total debit and credit balances after all ______________ entries have been made.
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The Golden Petting Zoo operates a drive-through tourist attraction in Colorado. The company adjusts its accounts at the end of each month. The selected accounts appearing below reflect balances after adjusting entries were prepared on April 30. The adjusted trial balance shows the following:Prepaid Rent $ 15,000Fencing 42,000Accumulated Depreciation—Fencing 5,500Unearned Ticket Revenue 400Other data:1. Three months' rent had been prepaid on April 1.2. The fencing is being depreciated at $6,000 per year.3. The unearned ticket revenue represents tickets sold for future zoo visits. The tickets were sold at $4.00 each on April 1. During April, twenty of the tickets were used by customers.Instructions:(a) Calculate the following:1. Monthly rent expense.2. The age of the fencing in months.3. The number of tickets sold on April 1.(b) Prepare the adjusting entries that were made by the Golden Petting Zoo on April 30.
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