Which of the following adjusting entries involves the recognition of an accrued expense?
A) recording depreciation on a long-lived asset
B) writing off the portion of an insurance policy that has expired
C) recognition of salaries owed to employees for work done during the current period that will be paid during the next accounting period
D) recognition of bad debt losses that are expected to result from making sales on credit terms
C
You might also like to view...
Allen Moving Company uses the indirect method to prepare its statement of cash flows
Refer to the following portion of the comparative balance sheet: Allen Company Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Increase/(Decrease) Common Stock $34,000 $10,000 $24,000 Retained Earnings 115,000 90,000 25,000 Treasury Stock (13,000 ) (8,000 ) (5,000 ) Total Stockholders' Equity 136,000 92,000 44,000 If the net income for the year was $67,000, the company must have declared $42,000 as dividends during the year. Indicate whether the statement is true or false
Equity financing is defined as ______.
a. the value of the total company assets b. the value a company earns and borrows against c. the sale of shares of stock in exchange for cash d. a debt incurred by a company
If partners wish to maintain having protection against personal liability, it is essential to comply with all the technicalities of a limited liability partnership statute
Indicate whether the statement is true or false
The basis point spreads between credit ratings dramatically rise for borrowers of credit qualities less than BBB
Indicate whether the statement is true or false.