Which of the following statements was not made in ARB 43?
a. Income taxes are an expense that should be allocated as other expenses are allocated.
b. Income taxes should be allocated to income and other accounts as other expenses are allocated.
c. The income statement should reflect tax expense properly allocable to the income included in the income statement for the year.
d. Tax expense should equal the amount of tax payable based on taxable income for the year.
ANSWER: D
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Use the equation presented below to answer the question that follows: Cash = CL + LTL + CS + RE – NCCA – LTA where: CL = Current liabilities LTL = Long-term liabilities CS = Common stock RE = Retained earnings NCCA = Noncash current assets LTA = Long-term assets Which of the following activities results in a cash inflow?
a. Increases in noncash current assets (NCCA) b. Decreases in current liabilities (CL) c. Increases in common stock (CS) d. Decreases in retained earnings (RE)
Efficiency wage theory says that if a job has negative characteristics, then employers must offer higher wages to compensate for these negative features.
Answer the following statement true (T) or false (F)
The Tulip Company uses the percent of receivables method of accounting for uncollectible accounts receivable, and a perpetual inventory system. As of January 1, its net accounts receivable totaled $485,000 (Accounts Receivable $500,000 less a $15,000 Allowance for Doubtful Accounts). During the current year, the following transactions occurred. 1)Merchandise costing $2,400,000 was sold on account for $4,000,000. 2)The company collected $3,880,000 from customers on account.3)$20,000 of accounts receivable were deemed uncollectible and written off.4)$3,000 of accounts receivable previously written off as uncollectible were recovered.5)At year-end, Lily Company estimates that 3% of its accounts receivable are uncollectible.Prepare journal entries to record these transactions.
What will be an ideal response?
The concept of ________ is based on the assumption that one exposure to an ad may not be enough to convey a desired message.
A. average reach B. effective reach C. effective frequency D. GRP E. average frequency