Which of the following is not an example of a donor imposed restriction?
A. Funds are to be endowed.
B. Funds are not to be used until the following year.
C. Funds must be used on certain programs.
D. All of the above are examples of donor imposed restrictions.
Answer: D
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The direct write-off method of determining bad debt expense is subjective and can be manipulated by management
a. True b. False Indicate whether the statement is true or false
On January 1, 2018, Sun Company's balance sheet reported a deferred tax liability of $185,000 and a deferred tax asset of $99,900. The future taxable amounts that existed as of January 1, 2018, will reverse equally over the next four years beginning in 2018, while the future deductible amounts that existed as of January 1, 2018, will reverse equally over the next three years beginning in 2018. The enacted income tax rate for all tax years as of January 1, 2018, was 37%. On February 1, 2018 the tax laws were amended resulting in income tax rates of 38% for 2018 and 2019; the income tax rate will be 40% for tax years 2020 and later.Requirement:Prepare the journal entry on February 1, 2018 to record the impact of the amended income tax rates.
What will be an ideal response?
Cheng Company has one year in unearned rent on the books in the amount of $3,000 . The money was received on December 1 in payment for a warehouse Cheng owns. What adjusting entry related to unearned rent should Cheng record on the books at year-end?
a. debit to Unearned Rent, $2,750; credit to Rent Revenue, $2,750 b. debit to Rent Revenue, $250; credit to Unearned Rent, $250 c. debit to Unearned Rent, $250; credit to Rent Revenue, $250 d. No entry required.
Identify the participial phrase in the sentence. Caleb spoke to the students, encouraging their participation