The main function of a balance sheet is to show your net worth at a point in time
Indicate whether the statement is true or false
TRUE
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A prefabricated steel storage shed is purchased for $20,000 cash and a $80,000 interest-bearing note payable over a 5-year period at an annual interest rate of 10 percent per annum. The cost to be recorded as an asset (in addition to the $100,000 purchase price) should include all of the following except
a. shipping and handling charges. b. insurance while in transit. c. interest on the note payable. d. reassembly and installation costs. e. All of these answer choices are costs to be recorded as assets.
Olga enters into a contract to buy a refrigerator from a Prairie States Appliance store with the price to be paid in monthly installments. After thirty-six months of payments, Olga has paid more than twice the price of a similar stove. Eighteen payments remain due under the contract. Refer to Fact Pattern 20-1. Under the UCC, the court can evaluate the contract to determine whether it was
unreasonably unfair and one sided A) at the time it was made. B) at the end of its term. C) in the middle of its performance. D) at the time of Olga's suit.
Max's Lawn Express tracks financial information in Excel. Current assets are in Cell B5 and current liabilities are in Cell C5 . Which formula will calculate the current ratio?
a. =B5/C5 b. =B5*C5 c. =B5+C5 d. =B5-C5
Electronic media that function using digital codes are called
A. digital marketing. B. digital media. C. electronic marketing. D. digital electronics. E. e-marketing.