If Houston Company billed a client for $20,000 of consulting work completed, the accounts receivable asset increases by $20,000 and:
A. Accounts payable increases $20,000.
B. Revenue increases $20,000.
C. Accounts payable decreases $20,000.
D. Cash increases $20,000.
E. Revenue decreases $20,000.
Answer: B
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A corporation acquired a copyright by issuing 1,000 shares of $5 par common stock. At the time of the exchange, the stock was selling for $40 per share. The copyright had a carrying value of $18,000 to the author. The purchasing corporation should assign to the copyright a value of
A) $18,000. B) $5,000. C) $32,000. D) $40,000.
Which of the following is the best advice about business plans for Paul, who has a great idea for a start-up business but will need substantial external financing to get started?
A) Have a business plan in place by the first day your business is open. B) Have a business plan in place before seeking out investors. C) Focus on the product overview and fill in details about the competitive environment after the business has launched. D) Focus on the operations overview and fill in financial details after the business has launched. E) Make operational and financial objectives as general as possible.
The duty of care includes the duty to make informed decisions
a. True b. False Indicate whether the statement is true or false
Treasury Stock is reported on the balance sheet between liabilities and equity.
Answer the following statement true (T) or false (F)