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14. Under IFRS, equity is described as each of the followingexcept
a. retained equity.
b. shareholders’ funds.
c. owners’ equity.
d. capital and reserves

19. Stockton Company uses the percentage of sales method forrecording bad debt expense. For the year, cash sales are $600,000and credit sales are $2,700,000. Management estimates that 1% isthe sales percentage to use. What adjusting entry will StocktonCompany make to record the bad debt expense?

a. Bad Debt Expense   33,000
  Allowance for Doubtful Accounts   33,000
b. Bad Debt Expense   27,000
  Allowance for Doubtful Accounts   27,000
c. Bad Debt Expense   27,000
  Accounts Receivable    27,000
d. Bad Debt Expense   33,000
  Accounts Receivable    33,000

21. On September 1, Joe's Painting Service borrows $150,000 fromNational Bank on a 4-month, $150,000, 6% note. The entry by Joe'sPainting Service to record payment of the note and accrued intereston January 1 is
a. Notes Payable  153,000
  Cash   153,000
b. Notes Payable  150,000
Interest Payable  3,000
  Cash   153,000
c. Notes Payable  150,000
Interest Payable  9,000
  Cash   159,000
d. Notes Payable  150,000
Interest Expense  3,000
  Cash   153,000

12. Start Inc. has 5,000 shares of 5%, $100 par value, cumulativepreferred stock and 50,000 shares of $1 par value common stockoutstanding at December 31, 2015. What is the annual dividend onthe preferred stock?
a. $50 per share
b. $25,000 in total
c. $50,000 in total
d. $0.50 per share