Wildcat Corporation has a fiscal year-end of December 31. Please review the following transactions: On October 1, the insurance premium of $23,000 was paid for a one-year fire insurance policy. On June 30, the company advanced its chief financial officer $21,000; principal and interest at 7% on the note are due in one year. Equipment costing $71,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $14,200 per year. If the adjusting entries were not recorded, would net income be higher or lower and by how much

If the ceo of a large, diversified, firm were filling out a fitness report on a division manager (i. e., "grading" the manager), which of the following situations would be likely to cause the manager to receive a better grade? in all cases, assume that other things are held constant. a. the division's basic earning power ratio is above the average of other firms in its industry. b. the division's total assets turnover ratio is below the average for other firms in its industry. c. the division's debt ratio is above the average for other firms in the industry. d. the division's inventory turnover is 6, whereas the average for its competitors is 8.e. the division's dso (days' sales outstanding) is 40, whereas the average for its competitors is 30.