Describing which of the following exchanges as spontaneous does not mean that our conversations are random or without rules?
A. dialogic
B. conversational
C. small talk
D. monologue
B. conversational
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Adjusting entries affect the
a. income statement; b. balance sheet; c. work sheet; d. net income or loss; e. all of these.
For the following types of companies, discuss whether you think their cash flows from operations, investing, and financing will be positive (the activity provides cash) or negative (the activity uses cash). Provide support for your answer. 1 . Tech
Corporation is a developer of computer software for the gaming industry. The company recently launched its first software title. The company is expanding its operations by hiring additional developers and administrative staff. The company is not yet profitable, but expects to break even within two years. Investors view it as having a first mover advantage and have been happy to invest in the company. 2 . Midwest Corporation is a supplier to the agricultural industry. The company is experiencing its 25th year of profitability, but is concerned that sales have contracted for the fifth year in a row. Midwest prides itself in paying dividends and having no debt on its balance sheet. 3 . Semi Inc manufactures semiconductors. The company has just introduced its ninth new product and is the leader in market share for the industry. The company continues to invest in research and development and expand by purchasing competitors. The company has yet to pay dividends, but is considering it in the future. The company's largest current asset is cash, due to its high profit margin.
The “true and fair view” refers to:
a. the use of judgment to make financial statements useful. b. the same thing as “present fairly” in opinions of American auditing firms. c. the fact that financial statements are in accordance with GAAP d. the fact that financial statements are presented correctly in accordance with the law.
A corporation issued 2,500 shares of its no par common stock at a cash price of $11 per share. The entry to record this transaction would be:
A. Debit Cash $27,500; credit Common Stock $27,500. B. Debit Treasury Stock $27,500; credit Cash $27,500. C. Debit Cash $27,500; credit Paid-in Capital in Excess of Par Value, Common Stock $2,500; credit Common Stock $25,000. D. Debit Common Stock $27,500; credit Cash $27,500. E. Debit Treasury Stock $2,500; debit Paid-in Capital in Excess of Par Value, Treasury Stock $25,000; credit Common Stock $27,500.