Equipment would be included on the balance sheet in which section?
A. Retained earnings
B. Current assets
C. Owner's equity
D. Fixed assets
Answer: D
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Explain multichannel distribution systems with an example
What will be an ideal response?
Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann's share of the income be if the income for the year was $15,000?
A) $6,000 B) $9,400 C) $12,600 D) $14,000
As costs are used up in the production of revenues, they are said to expire. Expired costs are called assets
Indicate whether the statement is true or false
A state auditor who is expected to deliver quality, individualized service to state offices and departments while at the same time finishing jobs as quickly as possible is experiencing a(n) ________ tradeoff:
A. Customization/standardization B. Client/organization C. Demand/supply D. Quality/productivity E. Inclination/competency