Match the following:
A. Repay amount borrowed from the bank.
B. Issue common stock.
C. Depreciation expense.
D. Sale of building.
E. Increase in prepaid rent.
F. Purchase of equipment.
A. Outflow from financing activities
B. Inflow from financing activities
C. Add to net income
D. Inflow from investing activities
E. Subtract from net income
F. Outflow from investing activities
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Indicate whether the statement is true or false
To record the adjustment from a ________, the liability account is debited and the revenue account is credited at the end of the period
a. deferred revenue b. accrued expense c. deferred expense d. accrued revenue
Ann is the sole owner of a computer store and established a simplified employee pension plan (SEP) for herself and her two full-time employees. Her net self-employment income for the year is $70,000. The maximum amount she can contribute to her SEP is:
A. $9,130. B. $10,500. C. $14,000. D. $17,500. E. $49,000.
The HTS rule of interpretation that provides that where an article could be classified under more than one heading, it must be classified under the one that most specifically describes it, is:
a. the rule of specific classification. b. the rule of relative specificity. c. the rule of classification by essential character. d. the relativity rule.