Which of the following accounts is increased with a credit?
A. Accounts Receivable
B. Common Stock
C. Dividends
D. Prepaid Rent
Answer: B
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Understating the ending inventory causes the cost of goods sold to be overstated and net income to be overstated
Indicate whether the statement is true or false
On January 1, 2007, the Baker Corporation issued 10% bonds with a face value of $50,000. The bonds are sold for $46,000. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, 2011. Baker records straight-line amortization of the bond discount. The bond interest expense for the year ended December 31, 2007, is
A) $4,000 B) $4,200 C) $5,400 D) $5,800
General partners have unlimited personal liability for the debts and obligations of the partnership
Indicate whether the statement is true or false
A low tax bracket individual can enhance the avoidance of income taxes through a C corporation by having the corporation retain its after tax earnings rather than paying them out as a dividend.
Answer the following statement true (T) or false (F)