A default occurs when a debtor fails to pay a creditor as promised.
Answer the following statement true (T) or false (F)
True
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Blanton Corporation purchased 35% of the outstanding shares of common stock of Worton Corporation as a long-term investment. Subsequently, Worton Corporation reported net income and declared and paid cash dividends. What journal entry would Blanton Corporation use to record the dividends it receives from Worton Corporation?
a. debit Investment in Worton Corporation Stock; credit Cash b. debit Cash; credit Dividend Revenue c. debit Investment in Worton Corporation Stock; credit Income of Worton Corporation d. debit Cash; credit Investment in Worton Corporation Stock
Using the data presented below for Blue Sky Inc.:
a) Create Blue Sky’s income statement and balance sheet using formulas wherever possible. Each statement should be on a separate worksheet. Improve the readability of the data by using the format explained on page 49, so that Excel will display the numbers as if they had been divided by 1,000. Make the appropriate note on the heading of each financial statement.
b) On another worksheet, create a statement of cash flows for 2017. All formulas should be linked directly to the source on previous worksheets.
c) Using Excel’s outlining feature, create an outline on the balance sheet that, when collapsed, shows only the subtotals for each section.
Raw, unorganized facts that need to be processed are called ________
A) information B) samples C) data D) insights E) research
A budget manual should include pro-forma financial statements for the upcoming period
Indicate whether the statement is true or false