Which of the following statements is correct?
A. Unearned Subscription Income is a liability account.
B. Under the accrual basis of accounting, revenue is recognized and recorded in the period when it is earned regardless of when cash related to the transaction is received.
C. Income that has been earned but not yet received is called accrued income.
D. All of these statements are correct.
Answer: D
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On January 1, 2018, the Husky Corporation acquired 90% of the Spartan Company's voting stock for $2,700,000. Spartan's net assets had a book value of $2,450,000; the fair value of Spartan's building was $325,000 greater than its book value. The book value of Husky's net assets immediately after the acquisition of Spartan totaled $6,850,000.What is total stockholders' equity on the January 1, 2018 consolidated balance sheet?
A. $6,850,000 B. $7,120,000 C. $9,300,000 D. $7,150,000
Answer the following statements true (T) or false (F)
1. American cultural imperialism is a viewpoint adopted by anti-globalists, not globalists. 2. Anti-globalists oppose globalization because of its focus on greed. 3. Globalists favour the transfer of capital and technology. 4. Amnesty International and Corporate Watch view corporate human rights violations as part of their mission. 5. INGOs are an element of civil society.
A production department's output for the most recent month consisted of 8,000 units completed and transferred to the next stage of production and 5,000 units in ending Work in Process inventory. The units in ending Work in Process inventory were 50% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weighted average method.
A. 6,500 units. B. 10,500 units. C. 13,000 units. D. 5,500 units. E. 9,000 units.
If direct materials costs are decreased, the breakeven point will decrease
Indicate whether the statement is true or false