During the taking of its physical inventory on December 31, 2014, Barry's Bike Shop incorrectly counted its inventory as $350,000 instead of the correct amount of $280,000. What is the effect on the balance sheet and income statement?

Using simplifying assumptions,the current stock price estimate can be expressed as a capitalization rate (1 × r)multiplied by a perpetuity equal to current earnings.

Which of the following best defines a European options?

A) A bond that can be exchanged for a fixed number of shares of stock for a specified amount of time.
B) An option granted to an employee by a company giving the employee the right to buy shares of stock in the company at a fixed price for a fixed time.
C) An option that can be exercised only on the expiration date.
D) The act of buying or selling the underlying asset via the option contract.
E) The last day on which an option can be exercised.

Resources owned by a corporation are referred to as

A) shareholders' equity.
B) liabilities.
C) assets.
D) revenues.

An oral stop payment order is binding on the drawee bank for 14 calendar days.

The income statement for the month of June 2016 of Snap Shot Inc. contains the following information: $\begin{array}{lrc}\text{ Revenues }& & \$7,300\\ \text{ Expenses: }& & \\ \text{ Salaries and Wages Expense }& \$3,000& \\ \text{ Rent Expense }& 1,300& \\ \text{ Advertising Expense }& 700& \\ \text{ Supplies Expense }& 200& \\ \text{ Insurance Expense }& 100& \\ \text{ Total expenses }& & 5,300\\ \text{ Net income }& & \$2,000\end{array}$ After the revenue and expense accounts have been closed the balance in Income Summary will be

A) a debit balance of $7300.
B) a debit balance of $2000.
C) a credit balance of $2000.
D) a credit balance of $7300.