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Indicate whether the statement is true or false
FALSE
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Ruben Company purchased $100,000 of Evans Company bonds at 100 . Ruben later sold the bonds at $104,500 plus $500 in accrued interest. The journal entry to record the sale of the bonds would be
a. debit Cash, $105,000; credit Investment—Evans Company Bonds, $104,500, and Interest Revenue, $500 b. debit Cash, $105,000; credit Investment—Evans Company Bonds, $100,000, and Gain on Sale of Investments, $5,000 c. debit Cash, $104,500, and Interest Receivable, $500; credit Investment—Evans Company Bonds, $100,000, Gain on Sale of Investments, $4,500, and Interest Revenue, $500 d. debit Cash, $105,000; credit Investment—Evans Company Bonds, $100,000, Gain on Sale of Investments, $4,500, and Interest Revenue, $500
Suppose a bank earned $173 million in interest on its assets of $2,153 million, it paid out $81 million in interest on its liabilities (excluding capital) of $2,007 million, and it paid its workers $71 million in total compensation. The bank's spread is approximately
A. 2 percent. B. 3 percent. C. 4 percent. D. 5 percent.
Quince, Inc. uses a process costing system. It prepares a production cost report for each processing department. How will the managers of Quince use these production cost reports to prepare the balance sheet at the end of an accounting period?
A) to determine the amount of current liabilities of the period B) to determine the balance of inventory accounts C) to determine the cost of goods sold during the period D) to determine the amount of revenues generated during the period
The importance of sustainability is growing ______.
A. despite lack of enthusiasm and support from companies B. due to regulatory mandates by the government C. although consumers are not interested D. because of ISO requirements