Consolidation accounting is the way to combine the financial statements of two or more companies that have the same owners
Indicate whether the statement is true or false
TRUE
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Fleet Transportation is a new business. During its first year of operations, credit sales were $40,000 and collections of credit sales were $36,000. One account, $650, was written off. Management uses the percent-of-sales method to account for bad debts expense and estimates 2% of credit sales to be uncollectible. Prepare the entry to record bad debts expense. Omit explanation.
What will be an ideal response?
Which of the following is true?
A. Today’s organizations need to be more stable in order to keep up with the external environment. B. Today’s organizations need to change more rapidly in order to keep up with the external environment. C. Today’s organizations are generally keeping up with the external environment at a one-to-one pace. D. None of these is true.
The times-interest-earned ratio is calculated as ________
A) earnings before interest and tax divided by interest expense B) profit before tax divided by interest expense C) net income divided by interest expense D) income tax expense plus interest expense divided by interest expense
Two key goals of estate planning are to ensure that your estate passes to the proper beneficiaries and to ensure that your estate may be insulated to the extent possible from taxes
Indicate whether the statement is true or false.