Business, 10.07.2021 01:30, Lovebamagirl12
As a general rule, C corporations must use the cash method of accounting. However, under several exceptions to this rule (e. g., average annual gross receipts of $26,000,000 or less for the most recent 3-year period), a C corporation can use the accrual method.
a. True
b. False
Answers: 3
Business, 22.06.2019 03:00, jamesgotqui6
Presented below is a list of possible transactions. analyze the effect of the 18 transactions on the financial statement categories indicated. transactions assets liabilities owners’ equity net income 1. purchased inventory for $80,000 on account (assume perpetual system is used). 2. issued an $80,000 note payable in payment on account (see item 1 above). 3. recorded accrued interest on the note from item 2 above. 4. borrowed $100,000 from the bank by signing a 6-month, $112,000, zero-interest-bearing note. 5. recognized 4 months’ interest expense on the note from item 4 above. 6. recorded cash sales of $75,260, which includes 6% sales tax. 7. recorded wage expense of $35,000. the cash paid was $25,000; the difference was due to various amounts withheld. 8. recorded employer’s payroll taxes. 9. accrued accumulated vacation pay. 10. recorded an asset retirement obligation. 11. recorded bonuses due to employees. 12. recorded a contingent loss on a lawsuit that the company will probably lose. 13. accrued warranty expense (assume expense warranty approach). 14. paid warranty costs that were accrued in item 13 above. 15. recorded sales of product and related service-type warranties. 16. paid warranty costs under contracts from item 15 above. 17. recognized warranty revenue (see item 15 above). 18. recorded estimated liability for premium claims outstanding.
Answers: 1
Business, 22.06.2019 18:00, lovecats12
Rosie and her brother michael decided recently to purchase an rv together. they both want to use the rv to take their families camping. the price of the rv was $10,000. since michael expects to use the rv 60% of the time and rosie 40% of the time, michael contributed $6,000 and rosie contributed $4,000. their ownership percentage equals their contribution percentage. which type of property titling should they use to reflect their ownership interest?
Answers: 1
Business, 22.06.2019 19:40, madisynk78
Adistinguishing feature of ecological economics is the concept of cost-benefit analysis steady-state economies that, like natural systems, neither grow nor shrink environmental damage and also environmental benefits are external greenwashing to increase public acceptance of products the only healthy economy is one that is growing
Answers: 1
Business, 22.06.2019 19:50, Amholloway13
The interaction of individual choices because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly owned spawning grounds. at first owners of fshing bouts complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming outside the protected area is much higher than it was before. with the restriction, each fishing boat ends up catching more fish than it did before the r which of the following principles of economic interaction best describes this scenario? o there is a tradeoff between equality and efficiency o markets usually lead to efficiency. o when markets do not achieve efficiency, government intervention can improve overall welfare o markets allocate goodseffectively
Answers: 1
As a general rule, C corporations must use the cash method of accounting. However, under several exc...
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