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Author Question: Application controls restrict access to data, programs, and documentation. Indicate whether the ... (Read 83 times)

sarasara

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  • Posts: 521
on: Jul 5, 2018
Application controls restrict access to data, programs, and documentation.
  Indicate whether the statement is true or false

Question 2

Adam Key started a lock service out of his house. It is profitable, but the latest statement of changes in shareholders' equity shows a decrease. Review the statement and advise Adam on what the business should do.
 
  Adam Key's Locks
   Statement of Changes in Shareholders' Equity
   For the Month of September 30, 2012
 
  Beginning contributed capital 40,000
  Add: Capital contributed during the month 0
  Ending contributed capital 40,000
  Beginning retained earnings 27,000
  Add: Net income 3,000
  Less: dividends (3,500)
  Ending retained earnings 26,500


momolu

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  • Posts: 320
Reply #1 on: Jul 5, 2018
Answer to Question 1

F

Answer to Question 2

Adam is drawing more money out of the business than he is making in profit. If he wants to grow the business, he will have to take out less than the business makes.


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