The Kyoto Protocol is an amendment to the Montreal Protocol
Indicate whether the statement is true or false
false
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Accountants should be aware that LIFO liquidations can potentially result in which of the following?
a. If older less costly layers are liquidated, a correspondingly lower cost of goods sold will result. b. If older less costly layers are liquidated, the company may be faced with higher taxes for those deferred in previous periods. c. If older less costly layers are liquidated, a correspondingly higher gross profit will result. d. All of these could result.
Vertical marketing occurs across industries, particularly where the needs and uses are similar
Indicate whether the statement is true or false
The calendar year-end adjusted trial balance for Blessinger Co. follows:BLESSINGER CO.Adjusted Trial BalanceDecember 31Cash$ 112,000?Accounts receivable27,000?Prepaid rent15,000?Prepaid Insurance9,000?Office supplies3,300?Office equipment38,000?Accumulated depreciation-Equipment?$3,200Building288,000?Accumulated depreciation-Building?42,000Land700,000?Accounts payable?25,800Salaries payable?14,500Interest payable?2,500Long-term note payable?72,000Common stock?200,000Retained earnings?710,000Dividends200,500?Service fees earned?430,800Salaries expense90,000?Insurance expense5,200?Rent expense5,000?Depreciation expense-Equipment800?Depreciation expense-Building7,000?Totals$1,500,800$1,500,800Required:(a) Determine the amounts of current assets
and current liabilities. (Note: A $9,000 installment on the long-term note payable is due within one year.)(b) Calculate the current ratio. Comment on the ability of Blessinger Co. to meets its short-term debts. What will be an ideal response?
Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is:
A. Debit Office Supplies $105 and credit Supplies Expense $254. B. Debit Office Supplies Expense $254 and credit Office Supplies $254. C. Debit Office Supplies $105 and credit Office Supplies Expense $105. D. Debit Office Supplies $254 and credit Office Supplies Expense $254. E. Debit Office Supplies Expense $105 and credit Office Supplies $105.