A debit is abbreviated as Db and a credit is abbreviated as Cr
Indicate whether the statement is true or false
False
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Joint costs are not considered relevant in sell or process further decisions
Indicate whether the statement is true or false
Linking incentives to the organization's profits or stock price exposes employees to a high degree of risk.
Answer the following statement true (T) or false (F)
The Extra Surplus Company's Balance Sheet for December 31, 2017 and the Income Statement for 2018 are shown below.Extra Surplus Company Balance Sheet December 31, 2017 Assets Cash$10,000 Accounts Receivable 5,000 Inventory 12,000 Property and Equipment, Net 20,000 $47,000 Liabilities and Stockholders' Equity Accounts Payable$10,000 Notes Payable, Long-Term 5,000 Common Stock 20,000 Retained Earnings 12,000 $47,000 Extra Surplus CompanyIncome StatementFor the Year Ended December 31, 2018Sales$13,000 Cost of Goods Sold 3,000 Salaries and Wage Expense 3,000 Interest Expense 1,000 Other Expenses 500 Net Income$5,500 Additional data:• Sales were $13,000; $8,000 in cash was received from
customers.• Bought new land for cash, $10,000.• Sold other land for its book value of $5,000.• Paid $1,000 principal on the long-term note payable and $1,000 in interest.• Issued new shares of stock for $10,000 cash.• Cash dividends of $1,000 were declared and paid to stockholders.• Paid $5,500 on accounts payable.• No inventory purchases were made; other expenses were incurred on account.• All wages were paid in cash.• Other expenses were on account.Required:Part a. Prepare a balance sheet at December 31, 2018.Part b. Prepare the statement of cash flows using the direct method. What will be an ideal response?
Which statement is not related to statistics associated with cross-tabulation?
A) The statistical significance of the observed association is commonly measured by the chi-square statistic. B) The t test could be conducted on the mean of one sample or two samples of observations. C) Generally, the strength of association is of interest only if the association is statistically significant. D) The strength of association can be measured by the phi correlation coefficient, the contingency coefficient, Cramer's V, and the lambda coefficient.