Frank Company earned $15,000 of cash revenue. Which of the following accurately reflects how this event affects the company's financial statements? Assets=Liab.+EquityRev.?Exp.=Net Inc.Stmt ofCash FlowsA.15,000=NA+15,000NA?NA=NA15,000 OAB.15,000=NA+15,00015,000?NA=15,000NAC.15,000=NA+15,00015,000?NA=15,00015,000 OAD.15,000=15,000+NA15,000?NA=15,00015,000 OA
A. Option A
B. Option B
C. Option C
D. Option D
Answer: C
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Which of the following is not a reason for the issuance of long-term liabilities?
A) Debt financing offers an income tax advantage. B) Debt financing dilutes ownership interest. C) Debt may be the only available source of funds. D) Debt financing may have a lower cost.
Tessmer Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During January, the kennel budgeted for 3,100 tenant-days, but its actual level of activity was 3,090 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for January:Data used in budgeting: Fixed element per monthVariable element per tenant-dayRevenue - $33.60 Wages and salaries$3,500 $7.40Food and supplies 500 10.50Facility expenses 9,500 4.70Administrative expenses 6,600 0.30Total expenses$ 20,100 $ 22.90Actual results for January: Revenue$105,934Wages and salaries$27,186Food and supplies$32,485Facility expenses$24,873Administrative expenses$7,557The
net operating income in the flexible budget for January would be closest to: (Round your intermediate calculations to 2 decimal places.) A. $13,788 B. $12,963 C. $13,878 D. $13,070
________ is a process for determining customer requirements and translating them into attributes that each functional area can understand and act upon
Fill in the blanks with correct word
Use the information below to answer the following question(s):Howard Co. uses the direct method to prepare its operating activities section of the statement of cash flows. Indicate how each event affects net income and the three types of activities on the statement of cash flows. In the net income column, use the letter "I" to indicate increase, the letter "D" to indicate decrease, and the letters "NA" to indicate no effect on net income. In the three cash flow columns, use the letter "I" to indicate cash inflow, the letter "D" to indicate cash outflow, and the letters "NA" to indicate no effect on cash flows.Howard Co. purchased $4,000 of supplies, paying $1,500 in cash and charging the remainder on account. $1,600 of the supplies were used during the accounting period. (Show the
combined effects of the events.)
What will be an ideal response?