The loss due to write-down of inventory should be reported on the income statement as an expense.
Answer the following statement true (T) or false (F)
True
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Firms spend less money on advertising than on personal selling or sales promotion.
Answer the following statement true (T) or false (F)
In Lightle v. Real Estate Commission, involving a real estate agent in a dispute over a house sale, the Alaska high court held that the claim of fraudulent misrepresentation against Lightle:
a. failed because Lightle only recommended the purchase of a particular house b. failed because Lightle obtained no financial gain from the problem that occurred c. failed because the plaintiff is a sophisticated purchaser who could evaluate the situation d. was justified because Lightle knowingly passed false information e. was justified because Lightle used force to make the deal happen
The complement of an event A consists of all outcomes in the sample space not in A
Indicate whether the statement is true or false
The change in each of Kendall Corporation's balance sheet accounts last year follows: IncreaseDecreaseCash and cash equivalents$3,000 Accounts receivable$2,000 Inventory $3,000 Prepaid Expenses$4,000 Long-term Investments $15,000 Property, Plant and Equipment$10,000 Accumulated Depreciation$8,000 Accounts payable $9,000 Accrued Liabilities$6,000 Bonds Payable $13,000 Common Stock$5,000 Retained Earnings$4,000 Kendall Corporation's income statement for the year was: Sales$300,000Cost of goods sold 180,000Gross margin 120,000Selling and administrative expense 116,000Net income$ 4,000?There were no sales or retirements of property, plant, and equipment and no dividends paid during the year. The
company pays no income taxes and it did not purchase any long-term investments, issue any bonds payable, or repurchase any of its own common stock. The net cash provided by (used in) operating activities on the statement of cash flows is determined using the direct method.The net cash provided by (used in) financing activities would be: A. $(13,000) B. $(3,000) C. $20,000 D. $(8,000)