A limited but growing number of small businesses now use flexible benefit plans so employees can select the benefits they wish to receive.
Indicate whether the statement is true or false.
Answer: True
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Answer the following statements true (T) or false (F)
1. An expenditure that increases the capacity or efficiency of a plant asset or that extends the asset's life is known as a revenue expenditure. 2. Repair work that generates a capital expenditure because it extends a plant asset's useful life past the normal expected life is known as an extraordinary repair. 3. Ordinary repairs to plant assets are referred to as revenue expenditures. 4. If a minor repair was incorrectly debited to the asset account, expenses and net income would be 5. If a company expenses an extraordinary repair, net income would be understated and the asset would be understated.
Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $20,162. Franklin's August bank statement shows $19,837 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit$6600?Outstanding checks$5300?Bank service fees, not yet recorded by company$120?The bank collected on a note receivable, not yet recorded by the company$1095?The adjusted cash balance should be:
A. $26,437 B. $20,042 C. $21,257 D. $21,137 E. $14,537.
Which of the following situations is not an example of a deferral?
A) Recording supplies consumed. B) Recording unrecorded, earned revenues. C) Recording depreciation. D) Recording the portion of prepaid rent that has expired.
Cardinal Company sells merchandise for $24,000 cash on March 31. The sales tax law requires Cardinal to collect 8.5% sales tax on every dollar of merchandise sold. Record the entry for the sale and its applicable sales tax.
What will be an ideal response?