The net income for an accounting period can be determined using the worksheet by comparing the balances and determining the difference between the balances in the two
A. Balance Sheet and Income Statement Credit columns.
B. Income Statement columns only.
C. Balance Sheet and Income Statement Debit columns.
D. Income Statement or Balance Sheet columns.
Answer: D
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A company issued financial statements for the year ended December 31, but failed to include the following adjusting entries:A. Accrued interest revenue earned of $1,200.B. Depreciation expense of $4,000.C. Portion of prepaid insurance expired (an asset) used $1,100.D. Accrued taxes of $3,200.E. Revenues of $5,200, originally recorded as unearned, have been earned by the end of the year.Determine the correct amounts for the December 31 financial statements by completing the following table:?AssetsLiabilitiesEquityNet IncomeReported amounts………..$350,000$200,000$150,000$70,000Add (subtract) tocorrect for
item:????A…………………………????B………………………….????C………………………….????D…………………………????E………………………….???? Corrected amounts………$$$$ What will be an ideal response?
Enterprises wrote a negotiable note payable to TexMart, Inc for $10,000 . TexMart expertly altered the amount of the instrument to state, "$60,000." The note was negotiated to Ventura, a holder in due course. Ventura is only entitled to be paid $10,000
Indicate whether the statement is true or false
In Hearts Bluff Game Ranch v. U.S., Hearts purchased a large piece of land that the Army Corps said could be used as mitigation property for wetlands purposes. Later, the state of Texas announced it was building a water reservoir that would put Hearts under water, so it could no longer be used for wetlands mitigation. Hearts sued for uncompensated taking as the property was more valuable for
mitigation than under a reservoir. The appeals court held that: a. Texas would have to compensate Hearts for the value of the land as wetlands mitigation property, not as part of a reservoir b. the Army Corps would have to compensate Hearts for the difference in the value of the land for wetlands mitigation versus as part of reservoir property c. the EPA would have to compensate Hearts for the difference in the value of the land for wetlands mitigation versus as part of reservoir property d. the wetlands mitigation permit process was arbitrary and capricious, so nothing Hearts was told by theArmy Corp mattered and it had no rights to enforce e. none of the other choices
Under the modified accrual basis of accounting, expenditures generally are not recognized until:
A. Goods or services are ordered. B. They are paid in cash. C. They are approved by the legislative body. D. An obligation is incurred that will be paid from currently available financial resources.