After non-current liabilities have been initially measured, they are recorded on subsequent balance sheets at:
a. face value.
b. present value based on current interest rates.
c. present value plus stated interest.
d. book value.
ANSWER: D
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Anole Company was incorporated as a new business on January 1, 2016 . The company is authorized to issue 20,000 shares of $5 par value common stock and 10,000 shares of 6%, $10 par value, cumulative, participating preferred stock. On January 1, 2016, the company issued 8,000 shares of common stock for $15 per share and 2,000 shares of preferred stock for $30 per share. Net income for the year
ended December 31, 2016, was $375,000. Refer to the information about Anole Company. The amount of Anole's total contributed capital at December 31, 2016, is a. $60,000. b. $120,000. c. $180,000. d. $555,000.
Use this information to answer the following question. The selected accounts and balances for Keystone Market appear as follows: Advertising Expense $ 14,000 Common Stock 100,000 Dividends 21,000 Freight-In 7,000 Freight-Out Expense 10,000 Interest Income 24,000 Merchandise Inventory (Jan. 1) 58,000 Merchandise Inventory (Dec. 31) 56,000 Purchases 60,000 Purchases Returns and Allowances 4,000
Rent Expense 9,000 Retained Earnings 40,000 Sales 150,000 Sales Returns and Allowances 19,000 Wages Expense 32,000 Goods available for sale would appear on the income statement as a. $114,000. b. $61,000. c. $121,000. d. $51,000.
Who or what is responsible for the degree to which an audience connects and engages with the information in an informative presentation?
a. the audience b. the presenter c. the person who conducted the audience analysis d. the inherently interesting or uninteresting nature of the topic
Under the accrual basis, some accounts in the ledger require updating at the end of the period. Discuss the three main reasons for this updating and give an example of each