Integrating other systems is a major problem for ERP systems
Indicate whether the statement is true or false
TRUE
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Zach Company owns 45% of the voting stock of Tomas Corporation and uses the equity method in recording this investment. Tomas Corporation reported a $20,000 net loss. Zach Company's entry would include a
a. credit to cash for $9,000 b. debit to the investment account for $9,000 c. credit to the investment account for $9,000 d. credit to a loss account for $9,000
Use the information in the adjusted trial balance presented below to calculate current assets for Wicked Wicker Company: Account TitleDr. Cr.Cash$26,000? Accounts receivable 17,000? Prepaid insurance 7000? Equipment 110,000? Accumulated depreciation-Equipment $55,000? Land 96,000? Accounts payable 18,000? Interest payable 2650? Unearned revenue 5300? Long-term notes payable 33,000? Retained earnings 142,050? Totals$256,000??$256,000?
A. $96,000. B. $50,000. C. $41,200. D. $18,000. E. $256,000.
Jasper makes a $25,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.)
A. Debit Cash $25,437.50; credit Interest Revenue $437.50; credit Notes Receivable $25,000. B. Debit Cash $26,750; credit Interest Revenue $1,750, credit Notes Receivable $25,000. C. Debit Cash $25,437.50; credit Notes Receivable for $25,437.50. D. Debit Notes Payable $25,000; Debit Interest Expense $1,750; credit Cash $26,750. E. Debit Cash for $25,000; credit Notes Receivable $25,000.
Which of the following statements regarding financial analysis is true?
a. Financial analysis should be performed by only managers and creditors. b. Financial analysis will show how a company is guaranteed to perform in the future. c. Financial analysis should not be relied upon as an indicator of future performance. d. Financial analysis provides supplemental information not provided directly by the financial statements.