A company does not realize that the last two day's revenue for the month was not recorded. The adjusting entry on December 31 is debit Accounts Receivable and credit Fees Earned
Indicate whether the statement is true or false
True
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Which of the following procedures is not a substantive procedure used for testing the valuation of long-lived assets?
a. Assess management's impairment estimates. b. Inquire of management about assets that are idle. c. Develop an independent estimate of amortization expense. d. All of the above are procedures used for testing the valuation assertion.
How does servant leadership differ from participatory leadership?
a. It places a priority on delegating authority to subordinates to help grow their careers. b. It places a priority on caring for all coworkers to achieve organizational results. c. It becomes more important the higher one moves in the organizational hierarchy. d. It places less value on employees and more on management.
On January 1 . 2011, Caravanos Company purchased for $320,000 a machine with a useful life of ten years and no salvage value. The machine was depreciated by the double-declining-balance method, and the carrying amount of the machine was $204,800 on December 31 . 2012 . Caravanos changed to the straight-line method on January 1 . 2013 . Caravanos can justify the change. What should be the
depreciation expense on this machine for the year ended December 31 . 2014? a. $20,480 b. 25,600 c. 32,000 d. 52,480
If a company had a pure fixed cost structure, what would be the relationship between a given dollar increase in sales and net income?
What will be an ideal response?