When making the current period's adjusting entry under the percentage of sales method, the balance in Allowance for Bad Debts is
a. doubled.
b. ignored.
c. divided in half and this amount is used for the adjustment.
d. 30% of the amount to be used for the adjustment.
b
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The Hurricane Company provided the following information for the year ended December 31, 2018: January 1, 2018 December 31, 2018Interest payable$15,500 $12,250 Discount on bonds payable$79,900 $77,200 Income taxes payable$97,300 $99,900 Deferred income taxes payable$17,400 $11,150 Income tax expense$157,250 Interest expense$57,770 Required: Determine the cash paid for interest during 2018.Determine the cash paid for income taxes during 2018.
What will be an ideal response?
Which of the following is/are elements of a derivative?
a. A derivative has one or more underlyings. An underlying is an observable variable such as a specified interest rate, or commodity price, or foreign exchange rate. b. A derivative has one or more notional amounts. A notional amount is a number of currency units, bushels, shares, or other units specified in the contract. c. A derivative sometimes requires no initial investment. d. Derivatives typically require, or permit, net settlement, which means that when the counterparties settle the derivative contract, one of the contracting parties pays the other the fair value of the contract. e. all of the above
In a transshipment problem, items may be transported from one destination to another
Indicate whether this statement is true or false.
Equal protection is the constitutional guarantee:
a. that empowers Congress to regulate equally distributed commerce with foreign Nations, and among the several States, and with the Indian Tribes. b. that laws made in pursuance of the Constitution and all treaties made under the authority of the United States shall be the equally protected as the "supreme law of the land.". c. embodied in the Fourteenth Amendment to the U.S. Constitution. d. that grants and distributes power and responsibilities to national and state governments.