Homework Answers
2. TRUE
Accounts receivable and notes receivable are claims that are expected to be collected in cash.They arise due selling of merchandise on account or money advanced.
3. TRUE
Under the straight line method, depreciation is calculated by the following formula:
Depreciation = Cost - Residual value / Useful life
Cost = $95000, Residual value = $5000, useful life = 5
Depreciation = ($95000 - $5000) / 5 = $18000
4. TRUE
Double declining balance method is an accelerated depreciation method. Under accelerated method, higher depreciation is charged in the initial years of use of asset.
5. TRUE
Intangible assets do not exist physically.
6.TRUE
Goodwill is excess of purchase price over fair value of its assets.
7. Option (a) is correct
Revenue activities of a service business involve providing services to customers.
8. TRUE
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For questions 3 through 8, indicate whether the statement is true or false. 2. Both accounts...
True/False Indicate whether the statement is true or false, 1. Receivables from company owners and officers...
True/False Indicate whether the statement is true or false, 1. Receivables from company owners and officers should be disclosed separately on the balance sheet. 2. Of the two methods of accounting for uncollectible receivables, the allowance method provides in advance for uncollectible receivables. 3. The acquisition costs of property, plant, and equipment should include all normal, reasonable and necessary costs to get the asset in place and ready for use. 4. During construction of a building, the cost of interest...
Indicate whether each statement is true or false by selecting the appropriate circle. Statement True False...
Indicate whether each statement is true or false by selecting the appropriate circle. Statement True False 1. Capital projects funds account for proceeds of specific revenue sources that are legally required to be spent for specified purposes. 2. Utility bill payments are recognized in a proprietary fund. 3. The economic resources measurement focus is used to report the government-wide financial statements. 4. Capital assets and long-term liabilities specifically related to proprietary funds activities are accounted for using the modified accrual...
Indicate whether each statement is true or false by selecting the appropriate circle. Statement True False...
Indicate whether each statement is true or false by selecting the appropriate circle. Statement True False 1. Capital projects funds account for proceeds of specific revenue sources that are legally required to be spent for specified purposes. 2. Utility bill payments are recognized in a proprietary fund. 3. The economic resources measurement focus is used to report the government-wide financial statements. 4. Capital assets and long-term liabilities specifically related to proprietary funds activities are accounted for using the modified accrual...
Appeicate an economics expert answer True/False Questions 1 through 7 Name True/False Indicate whether the statement...
Appeicate an economics expert answer True/False Questions 1
through 7
Name True/False Indicate whether the statement is true or false. 1.A competitive fim's profit will be increasing as long as marginal revenue is greater than marginal cost. a True b. False 2. The "competition" in monopolistically competitive markets is most likely a result of having many sellers in the market. a. True b. False 3. A profit-maximizing firm in a competitive market will decrease production when marginal cost exceeds average...
1.Rush Corporation borrowed $25,000 from the bank. Which of the following accurately shows the effects of...
1.Rush Corporation borrowed $25,000 from the bank. Which of the following accurately shows the effects of the transaction? a. Decrease cash $25,000 and decrease notes payable $25,000 b. Increase cash $25,000 and decrease notes payable $25,000 c. Increase cash $25,000 and increase notes payable $25,000 d. Decrease cash $25,000 and increase notes payable $25,000 2. Yuan Corporation purchased office equipment on account. What is the effect of this transaction? a. Cash will decrease and office equipment will increase. b. Total...
True/False Indicate whether the statement is true or false _____ 3. "Piercing the corporate veil" will...
True/False Indicate whether the statement is true or false _____ 3. "Piercing the corporate veil" will result in personal liability of shareholders. _____ 5. Under Subchapter S of the Internal Revenue Code, a corporation's income is taxed only at the shareholder level. _____ 6. The doctrine of ultra vires is of more significance today than it has been in the past. _____ 7. A corporation has no constitutional protection against unreasonable searches and seizures.
Part 1: True or False (1.5 point each, 15 points total) Indicate whether the following statements...
Part 1: True or False (1.5 point each, 15 points total) Indicate whether the following statements are true (T) or false (F). 1. An income statement presents the revenues, expenses, gains, losses, and net income (or net loss) of the business for a period of time. 2. A debit to a liability account increases that account. 3. The purchase of equipment for cash has no effect on the amount of total assets. 4. Unearned revenue is an income statement account....
Indicate whether the statement is true or false. 1. Findings of the three significant reports identifying...
Indicate whether the statement is true or false. 1. Findings of the three significant reports identifying skills needed for success in the workplace SCANS, Partnership for 21st Century Skills, and the AMA Critical Skills Survey--were very consistent. a True 6. False 2. The larger the organization, the more likely it is to hire employees who have general knowledge and skills for a particular department or area. a True b. False 3. The conceptual knowledge and skills executive and administrative assistants...
True/False Indicate whether the statement is (A) true or (B) false. In the most stable conformation...
True/False Indicate whether the statement is (A) true or (B) false. In the most stable conformation of a cyclohexane, it is preferable to have as many substituents in the axial position as possible. 2. 3. Syl reactions may involve a carbocation rearrangement. Tertiary alkyl halides are more likely to participate in an Sy2 reaction. 4. Cis-1,3-dimethyleyclohexane and trans-1,3-cyclohexane are enantiomers. 5. 6. An Sy2 reaction results in inversion of the relative configuration. The rate of an SNl reaction can be...
True/False Indicate whether the statement is true or false. 1. As we compare a merchandise business...
True/False Indicate whether the statement is true or false. 1. As we compare a merchandise business to a service business, the financial statement that changes the most is the Balance Sheet 2. An accounting system is the methods and procedures used to collect, classify, summarize, and report the businesses financial information 3. Transactions must first be recorded into the general journal before they can be entered into specialized journals. 4. In the Merchandising Income Statement, sales will be reduced by...
True/False Indicate whether the statement is true or false, 1. Receivables from company owners and officers should be disclosed separately on the balance sheet. 2. Of the two methods of accounting for uncollectible receivables, the allowance method provides in advance for uncollectible receivables. 3. The acquisition costs of property, plant, and equipment should include all normal, reasonable and necessary costs to get the asset in place and ready for use. 4. During construction of a building, the cost of interest...
Appeicate an economics expert answer True/False Questions 1
through 7
Name True/False Indicate whether the statement is true or false. 1.A competitive fim's profit will be increasing as long as marginal revenue is greater than marginal cost. a True b. False 2. The "competition" in monopolistically competitive markets is most likely a result of having many sellers in the market. a. True b. False 3. A profit-maximizing firm in a competitive market will decrease production when marginal cost exceeds average...
Part 1: True or False (1.5 point each, 15 points total) Indicate whether the following statements are true (T) or false (F). 1. An income statement presents the revenues, expenses, gains, losses, and net income (or net loss) of the business for a period of time. 2. A debit to a liability account increases that account. 3. The purchase of equipment for cash has no effect on the amount of total assets. 4. Unearned revenue is an income statement account....
Indicate whether the statement is true or false. 1. Findings of the three significant reports identifying skills needed for success in the workplace SCANS, Partnership for 21st Century Skills, and the AMA Critical Skills Survey--were very consistent. a True 6. False 2. The larger the organization, the more likely it is to hire employees who have general knowledge and skills for a particular department or area. a True b. False 3. The conceptual knowledge and skills executive and administrative assistants...
True/False Indicate whether the statement is (A) true or (B) false. In the most stable conformation of a cyclohexane, it is preferable to have as many substituents in the axial position as possible. 2. 3. Syl reactions may involve a carbocation rearrangement. Tertiary alkyl halides are more likely to participate in an Sy2 reaction. 4. Cis-1,3-dimethyleyclohexane and trans-1,3-cyclohexane are enantiomers. 5. 6. An Sy2 reaction results in inversion of the relative configuration. The rate of an SNl reaction can be...
True/False Indicate whether the statement is true or false. 1. As we compare a merchandise business to a service business, the financial statement that changes the most is the Balance Sheet 2. An accounting system is the methods and procedures used to collect, classify, summarize, and report the businesses financial information 3. Transactions must first be recorded into the general journal before they can be entered into specialized journals. 4. In the Merchandising Income Statement, sales will be reduced by...
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