Alimony received is included as a gross income item
Indicate whether the statement is true or false.
TRUE
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Which of the following is not a limitation of the current Internet?
A) the continued reliance on cables and wires for connectivity B) limited bandwidth, which causes congestion and cannot adequately handle video and voice traffic C) architectural restrictions, which stipulate that numerous requests for the same file must each be answered individually, slowing network performance D) the difficulty in expanding capacity by adding servers and clients
Athens Company's salaried employees earn two weeks of vacation per year. The company estimated and must expense $9800 of accrued vacation benefits for the year. Which of the following is the necessary year-end adjusting entry to record accrued vacation benefits?
A. Debit Vacation Benefits Payable $9800; credit Vacation Benefits Expense $9800. B. Debit Vacation Benefits Expense $20,360; credit Vacation Benefits Payable $20,360. C. Debit Vacation Benefits Expense $19,700; credit Vacation Benefits Payable $19,700. D. Debit Vacation Benefits Payable $19,700; credit Vacation Benefits Expense $19,700. E. Debit Vacation Benefits Expense $9800; credit Vacation Benefits Payable $9800.
There are two basic types of cost accounting systems: job order costing and process costing.
Answer the following statement true (T) or false (F)
The following information pertains to Lightning Inc., at the end of the year: Credit Sales$60,000 Accounts Payable 10,000 Accounts Receivable 7,000 Allowance for Uncollectible Accounts 400 creditCash Sales 20,000 Lightning uses the percentage-of-credit-sales method and estimates 1% of sales are uncollectible. What is the ending balance of the allowance account after the year-end adjustment?
A. $1,200. B. $1,000. C. $600. D. $200.