Direct marketers can minimize waste circulation of catalogs through use of current and highly targeted mailings
Indicate whether the statement is true or false
True
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Which of the following events involves a deferral?
A. Recording salaries owed to employees at the end of the year that will be paid during the following year. B. Recording supplies that have been purchased with cash but not yet used. C. Recording revenue that has been earned but not yet collected in cash. D. Recording interest that has been earned but not received.
Karaoke Records Company uses the indirect method to prepare its statement of cash flows
Refer to the following sections of the comparative balance sheet: Karaoke Records Company Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Increase (Decrease) Accounts Payable $ 6,000 $ 9,000 $(3,000 ) Accrued Liabilities 3,000 1,500 1,500 Long-term Notes Payable 126,000 135,000 (9,000 ) Total Liabilities $ 135,000 $ 145,500 $(10,500 ) Common Stock 45,000 3,000 42,000 Retained Earnings 169,500 111,000 58,500 Treasury Stock (12,000 ) (7,500 ) (4,500 ) Total Equity 202,500 106,500 96,000 Total Liabilities and Stockholders' Equity $337,500 $252,000 $85,500 Additional information for 2017: • No stock was retired. • No treasury stock was sold. • The company repaid $60,000 of long-term notes payable. • The company borrowed $51,000 on a new long-term note payable. • Net income for the year was $68,000. Prepare the financing section of the statement of cash flows for the year ended December 31, 2017. What will be an ideal response
The accrual basis of accounting recognizes revenues when cash is received from customers, regardless of when the goods or services are provided.
Answer the following statement true (T) or false (F)
Variable costs change in direct proportion to a change in the activity level.
Answer the following statement true (T) or false (F)