Net credit sales is always shown as a separate line item on the income statement
Indicate whether the statement is true or false
F
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In the ACE process for communication, the first step is ________
A) adapting B) adjusting C) analyzing D) addressing E) authoring
Product warranties are an expense of the period in which the product is sold
Indicate whether the statement is true or false
A firm is using ________ when it charges a high price for a new product with the intention of maximizing revenue
A) a skimming price B) trial pricing C) loss leader pricing D) penetration pricing E) promotion pricing
Carpark Services began operations in 20X1 and maintains long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these debt securities follows. The year-end adjusting entry to record the unrealized gain/loss at December 31, 20X1 is: Available-for-Sale SecuritiesCost Fair ValueDecember 31, 20X1$250,000 $241,000December 31, 20X2$340,000 $350,000
A. Debit Fair Value Adjustment - Available-for-Sale (LT) $9,000; Credit Unrealized Loss - Equity $9,000. B. Debit Unrealized Loss - Equity $9,000; Credit Fair Value Adjustment - Available-for-Sale (LT) $9,000. C. Debit Fair Value Adjustment - Available-for-Sale (LT) $9,000; Credit Unrealized Gain - Equity $9,000. D. Debit Realized Loss - Income $9,000; Credit Fair Value Adjustment - Available-for-Sale (ST) $9,000. E. Debit Unrealized Gain - Equity $9,000; Credit Fair Value Adjustment - Available-for-Sale (LT) $9,000.