The duty of an agent to keep his principal informed of all facts relevant to the agency purpose is called the duty:
a. to account
b. of obedience c. to indemnify d. of loyalty
e. none of the other choices
e
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The balance sheet amount of shareholders' equity does not, and is not intended to, provide the user of the financial reports with a measure of the market value of common equity
Indicate whether the statement is true or false
Explain why tax allocation is necessary.
What will be an ideal response?
The unadjusted trial balance at year-end for a company that uses the percent of receivables method to determine its bad debts expense reports the following selected amounts: Accounts receivable$435,000DebitAllowance for Doubtful Accounts 1,250CreditNet Sales 2,100,000CreditAll sales are made on credit. Based on past experience, the company estimates 3.5% of ending account receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
A. Debit Bad Debts Expense $15,225; credit Allowance for Doubtful Accounts $15,225. B. Debit Bad Debts Expense $17,350; credit Allowance for Doubtful Accounts $17,350. C. Debit Bad Debts Expense $7,350; credit Allowance for Doubtful Accounts $7,350. D. Debit Bad Debts Expense $16,475; credit Allowance for Doubtful Accounts $16,475. E. Debit Bad Debts Expense $13,975; credit Allowance for Doubtful Accounts $13,975.
The requirement that a business be licensed would be an example of a shared power
Indicate whether the statement is true or false