What would be the adjusting entry for a note payable whose interest is not included in the face amount of the note?
A) Debit Interest Receivable and credit Interest Income.
B) Debit Interest Expense and credit Cash.
C) Debit Interest Expense and credit Interest Payable.
D) Debit Cash and credit Notes Payable.
C
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Last year Mason Inc. had a total assets turnover of 1.33 and an equity multiplier of 1.75. Its sales were $195,000 and its net income was $10,549. The CFO believes that the company could have operated more efficiently, lowered its costs, and increased its net income by $5,250 without changing its sales, assets, or capital structure. Had it cut costs and increased its net income in this amount, by how much would the ROE have changed?
A. 5.66% B. 5.95% C. 6.27% D. 6.58% E. 6.91%
Answer the following statements true (T) or false (F)
1. Regardless of the type of plant asset disposal, the first step is to bring the depreciation up to date. 2. A fully depreciated plant asset that is still in service is not reported as an asset on the balance sheet. 3. Plant assets remain on the business's books until they are disposed of. 4. Gain or loss is determined by comparing the cash received and the market value of any other asset received with the historical cost of the asset disposed of.
__________ jurisdiction refers to the authority of a particular court to judge a controversy of a particular kind
a. Exclusive federal b. Subject matter c. Concurrent federal d. None of these
Verification answers the question "are we building the product right"?
Indicate whether the statement is true or false