How does accepting a credit card payment for services rendered affect the elements of the financial statements?(Assume the credit card company charges a fee for handling a credit card transaction.)
What will be an ideal response?
The entry increases assets (accounts receivable-credit card company) and increases stockholders' equity (retained earnings). It increases revenue (service revenue) and increases expenses (credit card expense). Because the increase to revenue is greater than the increase to expense, it increases net income. The statement of cash flows is not affected.
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Answer the following statements true (T) or false (F)
1. Organizations with too much conflict tend to be plagued by apathy and missed deadlines. 2. Performance in the workplace is maximized with a moderate level of conflict. 3. When resources are scarce, conflict is more likely. 4. Conflict is naturally avoided when organizations are structured along functional lines.
A balanced scorecard contains both customer and internal business process performance measures because improvements in internal business process should result in improvements in customer satisfaction.
Answer the following statement true (T) or false (F)
List and explain the four main types of conflict in the workplace.
What will be an ideal response?
At the end of the year, Beta, Inc. has an unadjusted debit balance in the Manufacturing Overhead account of $4000. The adjusting journal entry needed to adjust the balance to zero will include a ________.
A) debit to Cost of Goods Sold $4000 and credit to Manufacturing Overhead $4000 B) debit to Manufacturing Overhead $4000 and credit to Cost of Goods Sold $4000 C) debit to Work-in-Process Inventory $4000 and credit to Manufacturing Overhead $4000 D) debit to Gross Profit $4000 and credit to Cost of Goods Sold $4000