List people or organizations who might make use of a balance sheet
What will be an ideal response?
Businesses use financial statements, including the balance sheet, to get a complete picture of how well a business is performing. Company leaders, investors, and employees can also use a balance sheet to try to answer questions about the future of a company. Individuals can also use a balance sheet to manage their personal finances.
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Describe the differences between brand extensions and flanker brands
What will be an ideal response?
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $12,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $30,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual.
A. Debit Salaries payable $12,000, credit Salaries expense $12,000. B. Debit Salaries expense $18,000; credit Salaries payable $18,000. C. Debit Salaries expense $12,000; credit Salaries payable $12,000. D. Debit Salaries expense $18,000; debit Salaries payable $12,000; credit Cash $30,000. E. Debit Salaries payable $18,000; credit Cash $18,000.
Intangible assets are subject to a process called depreciation
Indicate whether the statement is true or false
For emphasis, one should place an idea in an independent clause; for de-emphasis, place an idea in a dependent clause
Indicate whether the statement is true or false