On March 15, 20X9, Clarion Company paid property taxes of $60,000 on its factory building for calendar year 20X9. On July 1, 20X9, Clarion made $40,000 in unanticipated repairs to its machinery. The repairs will benefit operations for the remainder of the calendar year. What total amount of these expenses should be included in Clarion's quarterly income statement for the three months ended September 30, 20X9?
A. $35,000
B. $55,000
C. $15,000
D. $40,000
Answer: A
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When an on-duty lifeguard must interact with people in a pleasant and professional manner and go repeatedly into the pool even though he has severe sunburn, the lifeguard is performing empathetic labor.
Answer the following statement true (T) or false (F)
Using the data presented below for Blue Sky Inc.:
a) Create Blue Sky’s income statement and balance sheet using formulas wherever possible. Each statement should be on a separate worksheet. Improve the readability of the data by using the format explained on page 49, so that Excel will display the numbers as if they had been divided by 1,000. Make the appropriate note on the heading of each financial statement.
b) On another worksheet, create a statement of cash flows for 2017. All formulas should be linked directly to the source on previous worksheets.
c) Using Excel’s outlining feature, create an outline on the balance sheet that, when collapsed, shows only the subtotals for each section.
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $66,200 and $1900, respectively. During Year 2, Kincaid reported $166,000 of credit sales, wrote off $1400 of receivables as uncollectible, and collected cash from receivables amounting to $185,700. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.Which of the following describes the effects of Kincaid's entry to recognize the write-off of the uncollectible accounts?
A. Does not affect assets or stockholders' equity. B. Increase assets and stockholders' equity. C. Increase assets and decrease stockholders' equity. D. Decrease assets and stockholders' equity.
PSE&G is a utility company. One of its service guarantees is to keep all appointments. If PSE&G fails to keep an appointment mutually agreed upon by the customer and the company, PSE&G will credit residential customers' accounts by $25 and business customers' accounts by $100. The guarantee only applies to appointments for meter readings, account investigation, gas service, gas appliance repair and both electric and gas meter work scheduled three days in advance. Which of the following statements about PSE&G's service guarantee is FALSE?
A. PSE&G's guarantee is easy to invoke B. PSE&G's guarantee is easy to understand and communicate C. PSE&G's guarantee is unconditional D. PSE&G's guarantee is qualitative E. PSE&G's guarantee is meaningful