Indicate how each event affects the elements of the financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. Increase = IDecrease = DNo Effect = NA(Note that "No Effect" means that the event either does not affect the element of the financial statements or that the event causes an increase in that element and is offset by a decrease in that same element.) On December 31, Colfax Co. recognized accrued interest expense in the amount of $1,500. The interest expense was related to a discount note that Colfax had issued earlier in the year.AssetsLiabilitiesStk. EquityRevenuesExpensesNetStmt. of ?IncomeCash Flows???????
What will be an ideal response?
(NA) (I) (D) (NA) (I) (D) (NA)
Accruing interest expense on a discount note increases liabilities (by decreasing the discount on notes payable, a contra liability account) and decreases stockholders' equity (retained earnings). It increases expenses (interest expense), which decreases net income. It does not affect the statement of cash flows.
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Many enterprise resource planning systems are used by service representatives in combination with a telephone.
Answer the following statement true (T) or false (F)
The Dessert Division of Incredible Edibles Corporation has the following segment information: Assets available for use $1,800,000 Target rate of return 10% Residual income $ 270,000 What was Dessert Division's return on investment?
a. 15% b. 10% c. 25% d. 20%
Melinda was recently hired as manager of a small retail establishment. She immediately noticed that employees seem afraid to speak with her. She wants her employees to feel comfortable coming to her about anything. What organizational communication barrier is she trying to overcome?
A) Lack of trust between management and employees B) Top-heavy organizational structure C) Turf wars D) Lack of communication skills
Petro Refining Corporation makes payments to potential customers, suppliers, and others with whom they might do business, including foreign private companies and the representatives of foreign labor organizations. If Petro knows that these payments will be passed on to a foreign government, this practice is
a. illegal if the payments violate the Foreign Corrupt Practices Act. b. legal if a third party acts as a "go-between.". c. legal if private parties are involved on both sides of the deal. d. legal if the payments are intended to facilitate business.