Intangible assets are long-term resources that benefit business operations that usually lack physical form and have uncertain benefits.
Answer the following statement true (T) or false (F)
True
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Jenning Co adjusts its books each month but closes its books at the end of the year. The trial balance at July 31 before adjustments is as follows: Debit Credit Cash $12,920 Accounts Receivable 9,620 Supplies 1,400 Prepaid Insurance 3,120 Equipment 26,000 Accumulated Depreciation—Equipment $10,400 Unearned Service Revenue 6,500 Capital Stock 7,190 Retained Earnings 23,500 Dividends 1,560
Service Revenue 16,510 Wages and Salaries Expense 7,800 Utilities Expense 380 Rent Expense 1,300 $64,100 $64,100 Refer to the trial balance of Jenning Co On July 1, Tracy paid four months in advance for insurance. Which of the following is included in the adjusting entry at July 31? a. A debit to Prepaid Insurance for $780 b. A credit to Prepaid Insurance for $2,340 c. A debit to Prepaid Insurance for $2,340 d. A credit to Prepaid Insurance for $780
To recognize the use of and benefit received from long-lived assets, such as equipment, during the accounting period, ________ Expense should be recorded.
A. Accumulated Depreciation B. Depreciation C. Interest D. Supplies
Cash flows from operating activities include
a. selling goods and providing services. b. acquiring buildings and equipment. c. payment of dividends. d. retiring long-term debt. e. issuing stocks and bonds.
Most ____ are relevant to decisions to acquire capacity, but not to short-run decisions involving the use of that capacity
a. sunk costs b. incremental costs c. fixed costs d. prime costs