The Allowance for Bad Debts account is a contra-asset account
Indicate whether the statement is true or false
true
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How are assets which are expected to be realized in cash, sold, or consumed within the normal operating cycle of a business or within one year (if the operating cycle is shorter than one year) reported on a classified balance sheet?
a. Property, plant, and equipment b. Current assets c. Intangible assets d. Current liabilities
Which of the following statements is true of an indorsement?
A. It generally does not make a person liable on the instrument even if he or she is engaged in any illegality affecting the instrument. B. It applies only to payments made to a depositary bank. C. It makes a person liable on an instrument indorsed by him or her if the person primarily liable on it does not pay it. D. It does not affect future attempts to negotiate the instrument.
The time required to produce one unit of a product is the:
A) efficiency B) velocity C) speed D) cycle time
For Year 2, the Sacramento Corporation had beginning and ending Retained Earnings balances of $208,054 and $231,012, respectively. Also during Year 2, the board of directors declared cash dividends of $29,000, which were paid during Year 2. The board also declared a stock dividend, which was issued and required a transfer in the amount of $16,000 to paid-in capital. Total expenses during Year 2 were $32,916. Based on this information, what was the amount of total revenue for Year 2?
A. $100,874 B. $143,154 C. $179,132 D. $68,158