On July 6, Year 1, Howard Co. received an interest check relating to a note receivable. The interest revenue had not been previously accrued. 
What will be an ideal response?
(I) (I) (NA) (NA)
Cash flows reported as operating activities include cash receipts from revenues, including interest revenue. The receipt of the interest check increases net income and is reported as a cash inflow in the operating activities section of the statement of cash flows.
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Which of the following procedures would an auditor most likely perform in searching for unrecorded liabilities?
A. Scan the cash disbursements entries recorded just before year-end for indications of unusual transactions. B. Vouch a sample of cash disbursements recorded just after year-end to receiving reports and vendor invoices. C. Compare a sample of purchase orders issued just after year-end with the year-end accounts payable trial balance. D. Trace a sample of accounts payable entries recorded just before year-end to the unmatched receiving report file.
Financial statements are prepared directly from the combination journal
Indicate whether the statement is true or false
The ______ guests served and ______ the service is required, the more likely the service delivery system is less customized for each guest.
a. more, simpler b. less, quicker c. less, more complex d. more, more complex
If fixed costs are $49,600, the unit selling price is $52, and the variable costs are $24, what is the break-even sales (dollars)?
A) $52,800 B) $92,114 C) $132,000 D) $124,000