Often a bank will require a company to pay off its line of credit (return the balance to zero) and keep it there for a specific period of time each year
For example, a requirement might be that the line of credit remains at a zero balance for at least one sixty-day period each year. This is called the clean-up period.
Indicate whether the statement is true or false.
Answer: TRUE
You might also like to view...
All of the following is/are components of comprehensive income except
a. foreign currency translation adjustment. b. unrealized gains and losses on trading securities. c. deferred gains and losses on derivative financial instruments. d. change in the minimum pension liability. e. All of these answer choices are components of comprehensive income.
Hispanic Americans:
a. prefer to buy American products rather than brands found in their homelands. b. are much older than the general U.S. population. c. believe that the traditional family is the main building block of a healthy community. d. make the most homogenous ethnic group.
States have enacted few environmental statues because of the comprehensive federal statutes
Indicate whether the statement is true or false
On July 1, Year 1, Village Bookstore, Inc. appropriated retained earnings in the amount of $36,000 for a future remodeling project in the basement of the bookstore. On June 30, Year 1, the balance of Retained Earnings was $82,800 and the Cash balance was $43,200. Which of the following answers shows the effect of the July 1 event on the financial statements? Stockholders' Equity Assets=Liab.+C. Stk.+Ret. Earn.+App.R.ERev.-Exp.=Net Inc.CashA.NA=NA+NA+(36,000)+36,000NA-NA=NA(36,000) FAB.(36,000)=NA+NA+(36,000)+NANA-NA=NA(36,000) FAC.NA=NA+NA+NA+NANA-NA=NANAD.NA=NA+NA+(36,000)+36,000NA-NA=NANA
A. Choice A B. Choice B C. Choice C D. Choice D