Which of the following transactions decreases both assets and stockholders' equity?
a. Declaration and payment of a dividend
b. Advance payment made for insurance
c. Receipt of a phone bill, to be paid at a later time
d. Payment of a liability
A
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If the net cash inflows are unequal, how is the payback period (in years) of an investment calculated?
What will be an ideal response?
In most states, contracts for the lease of goods with payments of $2000 require to be in writing
Indicate whether the statement is true or false
A company's trade secret lasts for:
a. 20 years after the application is filed. b. 70 years after the death of the creator. c. 10 years, but it can be renewed for an unlimited number of terms as long as it is used. d. as long as it is kept confidential.
Following is a list of account balances of Surburban Lawn Services as of December 31 of the first year of operation
Accounts Receivable $4,000 Accounts Payable 6,000 Salaries Expense 7,000 Repairs Expense 600 Truck 10,000 Equipment 9,000 Notes Payable 8,300 Cash 7,200 Supplies Expense 1,500 Service Revenue 31,000 Gasoline Expense 3,100 Salaries Payable 300 What is the amount of total liabilities at the end of the year? A) $14,600 B) $26,800 C) $23,700 D) $14,300