Pine Corporation makes adjusting entries monthly. Property, Plant, and Equipment depreciates at a rate of $9,000 per month. No entry for depreciation has been recorded in the month of March. What adjusting entry is necessary at March 31?
A) Accumulated Depreciation 750Property, Plant, & Equipment 750
B) Depreciation Expense 9,000Accumulated Depreciation 9,000
C) Property, Plant & Equipment 750Depreciation Expense 750
D) Depreciation Expense 9,000Property, Plant & Equipment 9,000
B
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Answer the following statement true (T) or false (F)
Which of the following statements regarding a post-closing trial balance is false?
A) Post-closing trial balances only contain permanent accounts. B) Balances in a post-closing trial balance cannot be used to calculate current income. C) Post-closing trial balances only contain temporary accounts. D) A post-closing trial balance verifies that the total of the debit balances equals the total of the credit balances of all permanent accounts in the general ledger.
Which of the following elements does not apply to the Vroom/Jago approach?
a. All factors are considered simultaneously. b. The decision tree of questions that is used allows for branching off in different directions. c. Some questions (in the decision tree) can sometimes be skipped. d. The questions used (in the decision tree) determine the level of follower involvement.
All of the following statements are true except
A. the net income of C corporation is subject to double taxation because it is taxed at the entity level and dividends paid from the C corporation to individual shareholders is also taxed. B. the net income earned by a sole proprietorship is reported on the owner's individual income tax return. C. the net income of an S corporation is subject to double taxation because it is taxed at the entity level and dividends paid from the S corporation to individual shareholders are also taxed. D. LLCs are generally taxed as partnerships.