Sales is a(n) ________ account.
A) asset
B) liability
C) revenue
D) contra-
C) revenue
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Which of the following statements is true?
a. An entry in a general ledger account can be traced to the trial balance by referring to the page listed in the posting reference column of that ledger account. b. The posting of an amount recorded in the general journal can be verified by referring to the account number listed in the posting reference column on that line in the general journal. c. Business transactions are recorded first in the general ledger; then that information is transferred to the general journal. d. No explanation is needed for each entry in the general journal.
The statement of stockholders' equity for Jutras Corporation shows an increase in the Common Stock account of $8,000, an increase in Additional Paid-in Capital--Common in the amount of $22,000, and an increase in Retained Earnings of $50,000 . If the stock has a par value of $3 and dividends of $10,000 were declared and paid during the year, what is the amount of net income for the year?
a. $40,000 b. $50,000 c. $60,000 d. $90,000
The carrying value of the old asset in a machine replacement decision is irrelevant
Indicate whether the statement is true or false
Employee training and equipment maintenance are examples of.