The following report was submitted by the treasurer of SoBSA for the year ended December 31, 2019. Financially the year was not a success, the balance at the bank on December 31 being GHC2,210 compared
with GHC2,730 on January 1. The Association’s office space remain in the books at cost price GHC45,000. The
loan received from SRC for the purchase of the office space which stood at GHC7,500 on January 1 has been
reduced this year by the repayment of GHC1,500. The Association also paid the year’s interest on the loan
amounting to GHC380.
Other items of expense during the year were as follows: Allowances to executives GHC11,810, Repairs and
maintenance GHC1,270; Correspondence GHC290. In addition, the allowances GHC210 due but not paid and
repairs GHC160 outstanding at December 31.
The Association’s furniture was worth GH5,700 on January 1 and should be depreciated at 10%. The Television
set acquired for the office on December GHC950 has helped in entertaining students. Other equipment at
January 1, was valued at GHC8,600 and this is not to be depreciated.
Dues received from students were GHC13,200 of which GHC1,200 related to the previous year while
GHC1,500 dues for the current year had not been received from students by December 31. The cost of snack
bar supplies was GHC8,250 and snack bar sales amounted to GHC10,790. The snack bar attendance’ wages
was GHC1,560. The dinner held on December 18 cost GHC3,000 but sales of tickets fetched GHC4,500.
From this report, prepare the income and expenditure account for the year ended December 31, 2019 and a
balance sheet as at that date.

The board of directors is the highest ranking body in a corporation, and the chairman of the board is the highest ranking individual. the ceo generally works under the board and its chairman, and the board generally has the authority to remove the ceo under certain conditions. the ceo, however, cannot remove the board, but he or she can endeavor to have the board voted out and a new board voted in should a conflict arise. it is possible for a person to simultaneously serve as ceo and chairman of the board, though many corporate control experts believe it is bad to vest both offices in the same person. true false

According to this excerpt, a key part of our national security strategy is

Fred smithers, a recent college graduate decided to open his own portable juice bar, smithers smoothies, to wheel around newport beach. you, a trusted friend of fred, are a business major that has also recently graduated and agreed to handle the books for a while to get some practical experience and have a favor that you can ask of fred in the future. given the following five transactions concerning the new venture, prepare the necessary journal entries for the transactions, post the journal entries to appropriate t accounts and prepare a trial balance as of the end of the month in order to answer to the necessary may 2: fred invests $12,000 of his own money to start the new company. this money was obtained from a part-time job working at a legal firm while he was in school. may 3: fred spent $5,100 cash to purchase a refrigerated trailer that he can pull behind his car and set up at the beach. under your advice, fred agrees to place the new asset under an account called "equipment." may 6: fred bought $640 of supplies on account from the flav-o-rite confectioners company. because they will last longer than a single accounting period fred agrees to record them as, "supplies" as per your suggestion. may 13: fred sat on the beach for six hours without a single sale and was feeling very down. right before he left, however, a plumber escorting his family reunion along the beach stopped by his stand and bought $800 worth of smoothies for the entire family. under your advice, fred agrees to call this cash revenue, "sales." may 15: excited about his new venture, fred withdraws $350 from the company to take his girlfriend out to dinner. what would be the balance in the cash account at the end of the period following the posting of all the transactions?