A decrease in collection efforts by a firm will result in ________ in sales volume, ________ in the investment in accounts receivable, ________ in bad debt expenses, and ________ in collection expenditures.
A) an increase; an increase; an increase; a decrease
B) an increase; a decrease; an increase; an increase
C) an increase; a decrease; an increase; a decrease
D) a decrease; a decrease; a decrease; an increase
A) an increase; an increase; an increase; a decrease
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For the vertical analysis, what is the percentage of stockholders' equity as of December 31, 2019? (Round your answer to two decimal places.)
Modern Moving Company reported the following amounts on its balance sheet as of December 31,
2019 and December 31, 2018:
A) 100.00%
B) 54.11%
C) 55.79%
D) There is not enough information provided to make this computation.
If the Petty Cash fund is not replenished at the end of the accounting reporting period:
a. net income will be understated or net loss will be overstated. b. assets will be understated on the balance sheet. c. the cash account will be understated. d. it indicates that the petty cash fund is probably short. e. the income statement and the balance sheet will not be correct.
Any person who may be a debtor under Chapter 7, except a stockbroker or a commodity broker but including railroads, may be a debtor under Chapter 11
a. True b. False Indicate whether the statement is true or false
An adjusting entry was made on year-end December 31 to accrue salary expense of $1,200. Assuming the company does not prepare reversing entries, which of the following entries would be prepared to record the $3,000 payment of salaries in January of the following year?
A.
| Salaries Expense | 3,000 | |
| Cash | 3,000 |
B.
| Salaries Expense | 1,200 | |
| Salaries Payable | 1,200 |
C.
| Salaries Payable | 1,200 | |
| Cash | 1,200 |
D.
| Salaries Payable | 1,200 | |
| Salaries Expense | 1,800 | |
| Cash | 3,000 |
E.
| Salaries Payable | 3,000 | |
| Cash | 3,000 |