Dividends are subtracted from revenues on the income statement.
Answer the following statement true (T) or false (F)
False
The income statement reports revenues and expenses. Dividends are not expenses. Rather, dividends are an optional distribution of earnings to stockholders, approved by the company's board of directors, and are presented on the statement of retained earnings.
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According to philosopher Norman Bowie, ________ is the "moral minimum" that is expected of every person.
What will be an ideal response?
Under the fault rule:
A) If the prospective groom breaks off the engagement, the prospective bride gets to keep the engagement ring. B) If the prospective bride breaks off the engagement, the prospective groom gets the engagement ring back. C) Both of the above. D) None of the above.
The Links Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred:Sept 7Links Company determined that the $8,000 account receivable of the Rainier Company was uncollectible, and wrote it off.Oct 15Links Company determined that the $3,500 account receivable of the Olympic Company was uncollectible and wrote it off.Nov 9Rainier Company paid $6,000 of the amount owed to the LinksCompany. Links Company does not expect further collections from the Rainier Company.Dec 31Links Company estimates that 1% of its $1,900,000 of creditsales would be uncollectible.1. Prepare the general journal entries to record these transactions.2. If the balance of the allowance for uncollectible accounts was a $4,000
credit on January 1 of the current year, determine the balance of the allowance for uncollectible accounts at December 31 of the current year. Assume that the transactions above are the only transactions affecting the allowance for uncollectible accounts during the year. What will be an ideal response?
What assumption is made about the OAS in calculating the effective duration and effective convexity of a RMBS?
What will be an ideal response?