Team instructions: Divide the class into teams of three or four people.Give the students time in class to answer the following questions.Students need access to both the Team Shirts,financial statements and the transactions to be able to answer these questions.Each team should turn in only one copy of the answers for grading.All team members will receive the same grade.
Use the Team Shirts,financial statements for April,May,and June to answer the following:
Definitions:
Q6: On January 1,2011,Bondz,Inc.issued $1,000,000 of 10%,10-year bonds
Q6: Inside Outfitters sold $200 of merchandise to
Q38: The gross profit ratio measures the percentage
Q65: The direct write-off method and the allowance
Q71: Explain the concept of time value of
Q93: Slumbers,Inc.borrows $3,000 at 12% from a bank
Q118: Bad debts expense appears on the income
Q124: On October 31,2011,Bondable,Inc.issued $20,000 of 10-year,6% bonds
Q161: Which financial statement(s)do you need to use
Q170: In November,Mayberry Repair Shop spent $395 on