The percentage aging schedule of accounts receivable is the most robust way to see if customers are, on average, paying more slowly, because it is unaffected by seasonal changes in sales.
Answer the following statement true (T) or false (F)
False
You might also like to view...
[APPENDIX] When a company has a credit balance in its Deferred Tax account, this amount would appear as a(n)
a. contra asset on the balance sheet. b. stockholders' equity account on the balance sheet. c. expense account on the income statement. d. liability account on the balance sheet.
Ari's Cafe began operations on March 1, 2016 . The corporate charter authorized the issuance of 3,000 shares of $2 par value common stock and 1,000 shares of $3 par value, 8% cumulative preferred stock. The company's fiscal year ends on February 28 . Ari's sold 500 shares of common stock at $6 per share on April 1 . What impact does the entry to record the April 1 transaction have on total
stockholders' equity? a. No effect b. Increase by $1,000 c. Increase by $3,000 d. Increase by $6,000
A company that uses accounting methods in preparing its tax returns that differ from the accounting methods used to prepare its financial statements is
A) in violation of the consistency principle B) not necessarily violating either the income tax laws or generally accepted accounting principles C) probably guilty of tax evasion D) in violation of the relevance assumption
Which of the following stages of the family life cycle best describes older married couples whose children do not live with them, and the head(s) have retired?
A) Full nest I B) Full nest II C) Empty nest I D) Empty nest II