Incorrectly treating a capital expenditure (like an engine overhaul for an Amazon delivery truck) as an immediate expense: Multiple Choice Understates expenses and understates assets. Overstates assets and understates owners' equity Overstates expenses and understates net income Understates expenses and overstates owners' equity Overstates expenses and overstates assets

In its first year of operations, crane company recognized $31,700 in service revenue, $7,700 of which was on account and still outstanding at year-end. the remaining $24,000 was received in cash from customers. the company incurred operating expenses of $16,600. of these expenses, $12,690 were paid in cash; $3,910 was still owed on account at year-end. in addition, crane prepaid $3,260 for insurance coverage that would not be used until the second year of operations.

Why has the free enterprise system been modified to include some government intervention?

mary's baskets company expects to manufacture and sell 30,000 baskets in 2019 for $5 each. there are 4,000 baskets in beginning finished goods inventory with target ending inventory of 4,000 baskets. the company keeps no work-in-process inventory. what amount of sales revenue will be reported on the 2019 budgeted income statement?