When the cost of available-for-sale securities exceeds market value, the Allowance to Adjust Long-Term Investments to Market account is added to Long-Term Investments on the balance sheet
Indicate whether the statement is true or false
F
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A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period? Unadjusted Trial Balance Adjustments Debit Credit Debit CreditCash975 Accounts receivable 300 Prepaid insurance3,600 150Supplies180 70Equipment10,320 Accumulated depreciation-equipment 190Accounts payable 1,140 Salaries payable 315Unearned fees 4,500 375 Retained earnings 9,180 Dividends1,650 Fees earned 5,850 375 300Rent expense1,500 Salaries expense2,100 315 Utilities expense345 Insurance expense 150 Supplies expense 70 Depreciation
expense-equipment 190 Totals20,670 20,670 1,400 1,400 A. $1,400. B. $2,060. C. $1,905. D. $1,855. E. $4,670.
Failure to record the earned portion of unearned revenue would result in which of the following?
A) Net income being understated B) No effect on total liabilities C) Stockholders' equity being overstated D) Total assets being understated
Managerial accounting provides financial and nonfinancial information to an organization's managers and other internal decision makers.
Answer the following statement true (T) or false (F)
A drastic reduction in prices for a product would ordinarily be a price discrimination violation of the Robinson-Patman Act unless the seller is attempting to meet a competitor's price
Indicate whether the statement is true or false