Phil o'keefe is opening a small sports store in his town. at the advice of a friend who is a bookkeeper, he keeps the receipts of everything he purchases for the business in the bottom drawer of his desk, along with all other business expenses, such as his retail license, his rent expense, and insurance expense. you suggest that
a. phil continues with this procedure, but only until the store opens, at which time he will need an additional drawer for his sales transactions.
b. phil invests some time in exploring an accounting system that will make it easier to classify and summarize accounting information.
c. phil continues with this procedure because there is very little difference between one expense and another.
d. phil stops wasting valuable time saving the receipts because accountants only record sales transactions

Exercise 4-9presented below is information related to martinez corp. for the year 2017.net sales $1,399,500 write-off of inventory due to obsolescence $80,440cost of goods sold 788,200 depreciation expense omitted by accident in 2016 43,600selling expenses 65,800 casualty loss 53,900administrative expenses 53,500 cash dividends declared 43,300dividend revenue 22,100 retained earnings at december 31, 2016 1,042,400interest revenue 7,420 effective tax rate of 34% on all items exercise 4-9 presented below is information relateexercise 4-9 presented below is information relate prepare a multiple-step income statement for 2017. assume that 61,500 shares of common stock are outstanding. (round earnings per share to 2 decimal places, e.g. 1.49.)prepare a separate retained earnings statement for 2017. (list items that increase retained earnings first.)

Abond purchased for $950 was sold for $980 after one year. the interest received during the year is $25. the bond's yield is:

The petty cash fund has a current balance of $ 350, which is the established fund balance. based on activity in the fund, it is determined that the balance needs to be changed to $ 450. which journal entry is needed to make this change?