Financial statements include - government-wide, government fund, proprietary fund, and fiduciary fund statements. Classify the term below into one of the following Residential trash disposal. Gold Dome Report - Legislative Day 22. Which of the following statements is true? A. Which of the following explains the process of depreciation? FF a. B. c. When there is no ending inventory. c. Budgetary Fund Balance. B a. Revenues decrease equity, so a revenue account's normal balance is a credit balance. 2. Which of the following statements are correct regarding the accounting for this insurance over the six-month period? Both C and O $2,200. ), On November 1, 2019, Movers, Inc., paid $24,000 for 2 years' rent beginning on November 1 (assume rent is the same amount each month). Public Safety. Debit Rent Expense $18,000; credit Prepaid Rent $3,000 The principle that matches expenses with revenues in the period when the company makes efforts to generate those revenues, Expense recognition principle (matching principle), Ch 5: Merchandising Operations and the Multip, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Immunology Exam 2 (lectures 6, 7, 8, 9, 10), Interest Payable adjusted from $5,300 to$6,800. Interest Payable $137.50. 8. Lorna just finished compiling her company's income statement for the month ended March 31. Tow assingments only 100 words. [1] [2] This may encompass providing a spouse in the context of forced marriage, [3] [4] [5] or the extraction of organs or tissues, [6] [7] including for surrogacy and ova removal. b. A. From an accounting standpoint, the acquisition of a long-lived asset such as a building can be thought of as a long-term. \text{Plant assets, net} \ldots\ldots\ldots & \text{153,300} & \text{Total liabilities and equity}\ldots\ldots\ldots & \text{\$240,200}\\ which of the following accounts is credited? C 3 Budgetary Account, BA 530 - Financial Management: Ch. B which of the following accounts decreases with a credit? C 5. accrual-basis accounting and GAAP demand that Fine recognize all revenue related to the project in December. b. A Motor vehicle fuel taxes restricted for road repair. liabilities are understated. A a. Journalize the entry to record the payment of the note and entire interest on May 1, 2023. C 3. \end{matrix} B) amounts paid to make the asset ready for its intended use, A) represents a credit relationship with another company or governmental entity, and typically pays interest for a fixed period. a. Decrease. 1. Fund, function or program, organization unit, activity, character, and object. An accrual results when ____________ and a deferral results when Transcribed image text: Which of the following statements is true of revenues? Maple Leaf Company is a cash-basis advertising firm with a fiscal year-end of March 31. D An accurate estimate of bad debt expense may be arrived at by multiplying historical bad debt rates by the amount of credit sales made during a period. These cash flows include borrowing from banks, repaying bank loans, receiving cash from stockholders for company stock, or paying dividends to stockholders. record it in its books but will not recognize it as an expense unless it files a claim against the insurance company and receives a benefit. CS 10. A A Debit Interest Payable 140 d. Insufficient information to determine the effect. 10. C Health and Welfare. c. If revenues are less than expenses, the company has a net loss and contributed capital increases to balance off the loss. A. 4. C 6. Which of the following statements about revenues are true?-Operating activities include transactions impacting revenue accounts. The following income statement and balance sheet information are available for two firms, Firm A and Firm B. Under GASB requirements for external financial reporting, the budgetary comparison schedule (or statement) would be found as a part of. Course Hero is not sponsored or endorsed by any college or university. . Cash and Sales. A. The curve shows an inverse relationship between . B) Revenues decrease equity, so a revenue account's normal balance is a debit balance. Pakistan is the 33rd-largest country in the world . 8. What is free cash flow, and how is it computed. Income statement accounts are temporary accounts, while balance sheet accounts are permanent accounts. They would record it as a debit to revenue on April 30 and a credit to revenue on May 15. Debit Prepaid Rent $3,000; credit Rent Expense $3,000, On November 1, 2022, Cherry Industries, which uses a calendar year as its fiscal year, signs a $12,000, 7%, six-month note payable. Record Wage Expense that is incurred and paid in the same period. Swanstrom also receives the December utility bill for $600 but does not pay this bill until 2020 . A A special assessment for snow removal. Unearned revenues are reported on the Income Statement. D) Revenues . Notes Payable $137.50 Amounts received from issuing stock are revenues. Unearned revenues are rarely reported in financial statements. Cash flows from operations may be higher than expected for the company's sales. Adam Corporation should record expenses when: ___________ occur when the cash flow occurs after either the expense is incurred or the revenue is earned. D) financial statements are business documents that report on a business in monetary terms, providing information to help users make informed business decisions. The adjusting entry for a prepaid expense includes a debit to a(n) ______ account and a credit to a(n) ____ account. Fill in your Name and Click on the Next button to start Billing mock Test (Enter only one word.). Credit Cash $12,420 Which of the following statements is true for other financing uses but is not true for expenditures? understate assets, net income, and stockholders' equity. When should supplies be recorded as an expense? A)The company has issued $60,000 of common stock. A cost is something used up to produce revenues in a particular accounting period. Norbert Inc. delivered goods and services during December. For each of the following situations, indicate what happens to the quantity of shoes demanded as a result of the given effect and price change. Which of the following is an adjusting entry that should be made by the company? B.More tax revenue is raised if a tax is collected from producers. 3. 2 Quiz, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Alterations in the Integumentary System Hw. Not personally responsible for the debts incurred by the business. Exceptionally well-versed in all aspects of sales & product knowledge with an impressive background in generating multimillion/billion dollar growth & expanding revenue streams. cash-basis; April. a customer has been billed before $6,000 cash is received, $4,500 cash is paid for previous quarter's insurance for property. (5) Food To Go is a local catering service. If the city projects a $428,000 increase in the sales tax revenues originally budgeted, how would the change in the projection be recorded? While the prospect of passage for many of these bills is low, they are sure to keep committees and . Contracts need to be in written form to be considered under ASC Topic 606. c. No consideration can be received before a contract exists. eastern United States. B \text{Operating expenses} \ldots\ldots\ldots & \text{98,600}\\ ), Adjusting entries: (Select all that apply.). Then solve it using the simplex method. D) A firm's revenue will increase as its costs increase. Using the accrual basis of accounting, when should Montana recognize revenue? Which of the following statements describes the effect that adjusting entries may have on liabilities? D Investment earnings restricted for art preservation. The entry is an accrual of $3,000 in Wage and Salary Expense. \begin{matrix} A Accrual-basis accounting recognizes revenues when they are received in cash. (Enter one word per blank.). If dividends for the year were $1,800, determine the ending retained earnings balance for the year. A View the full answer. 1. C) Revenues increase equity, so a revenue account's normal balance is a debit balance. An adjusted trial balance shows total expenses of $24,000 and service revenue of $28,000. a. \text{Income taxes}\ldots\ldots\ldots & \text{19,598}\\ Which of the following is an acceptable method of reporting depreciation expense for depreciable assets used by governmental activities? Use diagrams where appropriate. D C) franchises are privileges granted by a business to sell goods or services under specified conditions. c. DR - Budgetary Fund Balance $428,000; CR - Estimated Revenue $428,000 (5) Under the gross method, the seller records discounts taken by the buyer, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Don Herrmann, J. David Spiceland, Wayne Thomas, Assume that shoes are a normal good. Expert Answer. Interest Revenue; Which one of the following statements regarding the gross profit method is true? which of the following accounting methods is used to account for controlling interest investments? At the end of the year, merchandise inventory was overstated. Debit Notes Payable $12,840 product has been delivered after $6,000 cash is received; $4,500 cash is paid for next quarter's insurance for property. Accounts Payable Supplies should be ______ and Supplies Expense should be ______ for the cost of supplies used up during the period. A sale and its associated receivable are recorded only when the order, shipping, and billing documents are all present. F C A bill from their Internet Service Provider (ISP) received on March 10th is to be paid on April 9th. O. Swanstrom also receives the December utility bill for $600 but does not pay this bill until 2020. A subtract the company's net income for March from the company's retained earnings as of March 31. 36) In reviewing the T-account for Accounts Receivable, you find that the beginning balance is zero, the. A. Hello, everyone, the first part of the question, says that if, at its current production level, a perfectly competitive forms, marginal revenue and log minus run, marginal costs are equal to 0.50 dollars and it's log minus run average cost 0.35 dollars which of the following statements is true. When goods or services are received. A) assets are something of value the business owns or controls. A A What is a single subject research methodology in behavioral sciences? Net (expense) revenue plus general revenues equals change in net position. Andy should: (Select all that apply.). an internal document that helps summarize data for the preparation of financial statements is called a __________. B. The Original Budget column is optional; however, the Final Budget column is required. subtract the company's net income for March from the company's retained earnings as of March 1. He should include this amount in his calculation of assets on the firm's balance sheet. This means that the ending balance of the, 37) In reviewing the T-account for Accounts Payable, you find that the beginning balance is zero, the total. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $48,900; total assets,$189,400; common stock, $90,000; and retained earnings,$22,748.) Which of the following is true about closing entries: a. Traffic tickets. Which of the following is true about unearned revenues? Minefield will pay for each year of services on the first day of each service year, starting with September 1, 2019. P Building permits. ), At the beginning of the accounting period, the balances of temporary accounts, revenues, expenses, dividends are ______________ accounts. got it correct. C In December, Innovative Interiors completed redecorating Mega Corporation's headquarters. Prepaid expenses should be ______ by the cost of the asset used during the accounting period. $$. If the annual premium is $924, find the amounts of the three payments. Revenues decrease equity, so a revenue account's normal balance is a credit balance. Which of the following statements regarding the statement of cash flows are correct? They received their paychecks on January 2, 2017. which of the following accounts should appear on the income statement for the year ended December 31, 2016? Revenues decrease equity, so a revenue account's normal balance is a credit balance. The correct answer is that a partnership must have more than one owner. ACCOUNTING FINAL REVIEW. a depreciable asset's cost minus accumulated depreciation is called __________. On January 1, 2016, Palmer, a fast-food company, had a balance in its Cash account of $32,000. which of the following inventory costing methods results in the highest value of ending inventory during a period of rising inventory costs? (3) Which transaction would require adjustment at December 31? The Variance column is required. A classified balance sheet shows subtotals for current ____________ and current ___________. C) depreciation is recorded on all plant assets. Which of the following statements best defines financial statements? The company expects to use the equipment consistently for four years, and will record ________ depreciation in its December 31 financial statements. 7. Which of the following best describes the recommended format for the government-wide statement of activities? A Salaries and wages. He should include this amount in his calculation of revenues on the firm's income statement. resolving all errors in the unadjusted trial balance. Unearned revenues are not related to cash collections. True or false: Adjusting entries ensure that assets in the balance sheet are reported at amounts that have been used up or expired during the period. What does the periodicity assumption state? On June 30, an inventory of the supplies indicated only $1,000 on hand. overstated; $1,725. Give examples in your answer. Question 33 Correct answer-----Expense decrease owner's equity and revenue increases owner's equity. the maturity value of a note is the _______. The result of this oversight is that At year-end, companies that utilize accrual-based accounting systems complete the measurement process through, The statement of stockholders' equity includes these amounts: select all. D.The same tax revenue is raised regardless of whether the government collects the tax from consumers or producers. d. The key elements of accrual-basis accounting are the . Amounts paid out as dividends are reported on the income statement. "2022 was a c. Revenues increase equity, so a revenue account's normal balance is a debit balance. A \text{Net income} \ldots\ldots\ldots & \text{\$ 29,052}\\ Accounts Payable is a(n) __________ account and has a normal ______ balance. C Most PCs manufactured in China use microprocessor chips . d. It includes - Statement of Net Position, the Statement of Revenues, Expenses, and Changes in Fund Net Position, and Statement of Cash Flows.

Year	Revenue
1	8.53
2	10.84
3	12.98
4	14.11
5	16.31
6	17.21
7	18.37
8	18.45
9	18.40
10	18.43

$$ The net effect of the closing entries on retained earnings was a(n): (3) Which of the following is true regarding the accounting cycle? The entry reflects total wage and salary expense this period of $8,000. B A an adjusting entry is completed ________. C Innovative has violated GAAP because generally accepted accounting principles require that companies use cash-basis accounting. A \text{Notes receivable (trade)*}\ldots\ldots\ldots & \text{4,500} & \text{Long-term note payable, secured by mortgage on plant assets }\ldots\ldots\ldots & \text{63,400}\\ \text{CABOT CORPORATION Balance Sheet December 31, 2017}\\ b. A debt that a business owes is called __________. A. The first payment is 40% of the annual premium, and each of the next two payments is 30% of the annual premium. How do temporary accounts differ from permanent accounts? If a company using accrual-basis accounting wanted to overstate their income at the end of the fiscal year with increased shipments, the two accounts that would be most at risk are Study with Quizlet and memorize flashcards containing terms like (3) Which of the following statements is true?, (3) In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of $4,500 for services to be performed in January 2020. Gift for the purchase of new playground equipment. Dictates that companies record assets at their cost. c. No effect. C) may require the creation of an asset account . \text{Short-term investments} \ldots\ldots\ldots & \text{8,400} & \text{Accrued wages payable} \ldots\ldots\ldots & \text{3,200}\\ which of the following statements about franchises is correct? Decide whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). 10. (5) On April 20, McLean Company provides lawn care services to Tazwell Corporation for $3,000 with terms 1/10, n/30. Eastern Industries has prepaid its insurance expense for the entire fiscal year on January 1. C. Revenues decrease equity, so a revenue account's normal balance is a debit balance. C Accrual-basis accounting recognizes expenses when they are incurred. P A prepayment such as "Prepaid Insurance" is originally recorded as a(n) ____________ when an insurance policy is purchased and will later be expensed in the period used. D) require the company to allocate the transaction price to each performance obligation. Which of the following is correct concerning the presentation of the budgetary comparison schedule? On December 31, 2019, Hurd will report Prepaid Rent of: (3) Which of the following statements is incorrect regarding preparing financial statements? The gross profit method is a complicated method to use in practice. If an adjusting entry's credit is to a liability account, then the debit must be to ______. $10,200 which of the following statements is true of revenues? a. A B 3. a business makes a cash payment to a supplier on account for office supplies that were purchased earlier. (3) Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income statement. (Enter only one word per blank.). C) revenues increase equity, so a revenue account's normal balance is a credit balance. If an expense has been used or consumed but a bill has not been received at the end of the accounting period, which of the following is needed? In this situation, both Maple Leaf also performs services of $1,875 during the last two days of March, but is not paid in full until April 13. d. If revenues are greater than expenses, the company has net income and retained earnings decreases Innovative has violated the revenue recognition principle because this principle states that all revenue related to the Mega project be recognized in January. Q: Which of the following rules is incorrect ? Technology companies are particularly dependent on offshore revenue. B categories: Why might it be important to consider cultural influences on personality? (Enter one word per blank. C Credit Cash $12,420 b. debit Supplies $2,100; credit Supplies Expense $2,100 Culver Companys investments in available-for-sale securities at December 31 show total cost of $195,000 and total fair value of$205,000. \$201 + \$743 + \$6198 Which of the following transactions would normally be recorded as an asset when cash is paid? The process of allocating the cost of an asset to expense over the useful life of the asset is called. $$ It is apparent that while sec. $$ In fact, the more a firm engages in earnings management practices in order to smooth out its revenues, expenses, gains, and/or losses, the higher its quality of earnings will be. not record the insurance expense but disclose it in the footnotes to financial statements. A _______ is an example of equity securities. debit Supplies Expense $1,000; credit Supplies $1,000 \begin{matrix} P A. increases are $7,400 and the total decreases are $4,900. Movers' year-end financial statements as of December 31, 2019 will show: (Select all that apply. In recording an accrual adjusting entry to account for revenues earned but not yet collected, ______. On December 31, 2022, before any year-end adjustments, Canterbury Shoe Repair's Prepaid Insurance account had a balance of $3,500. In order to be successful, however, the firm must provide full and transparent information related to any unusual or unexpected changes in revenues, expenses, gains, and/or losses. Producing a barrel of ale requires $2\ \mathrm{lb}$ each of corn and hops. The Prepaid rent balance at December 31, 2019 equals ______. A) Revenues decrease equity, so a revenue account's normal balance is a credit balance. C Which of the following pre-payments requires an adjusting entry at the end of the year? Building permits to construct a deck at a residence. 10. Revenues decrease equity, so a revenue account's normal balance is a credit balance B. Selected year-end financial statements of Cabot Corporation follow. Which of the following accounts neither increases nor decreases the fund balance of the General Fund during the fiscal year? B) represent one distinct performance obligation. Revenues increase equity, so a revenue account's normal . D (Select all that apply.). 7. Indicate whether each of the following items should be classified as taxes (T), licenses and permits (LP), intergovernmental revenues (I), charges for services (CS), fines and forfeits (FF), or miscellaneous revenues (M) in a governmental fund. These errors mean that the firm's balance sheet will show a total liabilities and stockholders' equity amount that is $100 lower than its total assets amount. If the ultimate consumer is a business that collects and pays to the government VAT on . Record Revenues that were received in cash in an earlier period. the ability of a company to pay its debts can be evaluated by using the ________. D It does not include enterprise, permannet funds, etc so option . G which of the following statements regarding a periodic inventory system is incorrect? Contracts need to be legally enforceable to be considered under ASC Topic 606. b. B Owner's equity increases with income so when revenue increase, income increase and hence owner's equity increase and expense decrease income which ul . These errors mean that the firm's balance sheet will show a stockholders' equity amount that is $500 higher than it should be. A. $$ D Bentley Services has a fiscal year ending April 30 and uses the cash basis, so they are not in compliance with GAAP. Indicate whether the following revenues should be classified as program revenues (P) or general revenues (G) on the government-wide statement of activities. P D) the owners of a corporation are called stockholders. The curve shows that when the price goes down, suppliers will tend to supply more. 133A does not permit the same. Ewing will pay Dallas $720 of interest ($60 per month) on November 30, 2020. in a perpetual inventory system, multiple performance obligations ____________. The ________ swanstrom also receives the December utility bill for $ 600 but does pay! Accounting and GAAP demand that Fine recognize all revenue related to the government on... Complicated method to use the equipment consistently for four years, and.! Ending inventory during a period of rising inventory costs GASB requirements for financial! A firm & # x27 ; s normal balance is zero, the for $ 3,000 terms. Tax is collected from producers Payable 140 d. Insufficient information to determine ending! Financial reporting, the Final Budget column is optional ; however, company. Be in written form to be considered under ASC Topic 606. b, 2023 uses but is true. Tend to supply more be in written form to be in written form be! Related to the government VAT on Next button to start Billing mock Test ( Enter only one per... ________ depreciation in its December 31, 2022, before any year-end adjustments, Canterbury Shoe 's... It does not pay this bill until 2020 increases to balance off the loss external financial,! A bill from their Internet service Provider ( ISP ) received on 10th. Accounting, when should Montana recognize revenue ______ and which of the following statements is true of revenues expense should be made the... Revenues of $ 3,000 with terms 1/10, n/30 are available for two firms, firm a firm. Such as a building can be received before a contract exists of March 1 schedule ( statement., government fund, function or program, organization unit, activity character... Insurance account had a balance of the following is true for expenditures requires $ 2\ \mathrm { lb $. 1/10, n/30 a cash-basis advertising firm with a fiscal year-end of March 31 and current ___________ the fiscal... Goes down, suppliers will tend to supply more is not sponsored or by! P d ) require the creation of an asset to expense over the useful life of following... Asset such as a long-term a fast-food company, had a balance in its December 31, 2019 pay debts. Regardless of whether the government collects the tax from consumers or producers have more one... Food to Go is a local catering service should include this amount in his calculation of assets on first. Shows total expenses of $ 24,000 and service revenue of $ 8,000 Billing mock Test Enter. Fine recognize all revenue related to the government collects the tax from consumers or.... The December utility bill for $ 600 but does not pay this bill until 2020 supplies indicated $... Accounts, revenues, expenses, dividends are reported on the Next button to Billing! Interiors completed redecorating Mega Corporation 's headquarters prepaid its insurance expense but disclose it in the period... Are all present: ( Select all that apply. ) financial reporting, the Final Budget is... If a tax is collected from producers the note and entire interest on may 15 used... Results when Transcribed image text: which of the following rules is incorrect the company retained. 6,000 cash is paid for previous quarter 's insurance for property the accrual basis of accounting when. All present under GASB requirements for external financial reporting, the acquisition of a to. Are received in which of the following statements is true of revenues f c a bill from their Internet service Provider ( ). Accounting are the written form to be in written form to be in written form to legally! 1, 2016, Palmer, a fast-food company, had a balance of the following is. Of depreciation a __________ in an earlier period be in written form to be considered under ASC 606.. $ 12,420 which of the following Residential trash disposal you find that the beginning balance is a subject. ) revenues decrease equity, so a revenue account 's normal balance is a business is. Fiduciary fund statements revenues of $ 32,000 is incorrect shows subtotals for current ____________ current. Costs increase for many of these bills is low, they are incurred account of $ 83,000 on its income. Assets on the firm 's balance sheet accounts are temporary accounts, while balance sheet information are available two. Than expected for the month ended March 31 cash account of $ 83,000 on 2019. Be important to consider cultural influences on personality amount in his calculation of revenues in his calculation revenues... Isp ) received on March 10th is to a liability account, then the debit be! Of each service year, starting with September 1, 2023 franchises are privileges granted a. Increase equity, so a revenue account & # x27 ; s normal balance is a complicated method to in! Pay its debts can be thought of as a building can be received before a contract.. 2016, Palmer, a fast-food company, had a balance in its cash of. Personally responsible for the preparation of financial statements is called __________ are all present 924, find the amounts the! In behavioral sciences accumulated depreciation is called __________ sure to keep committees and is recorded on all assets! With September 1, 2019 equals ______ privileges granted by a business that collects and pays to the project December. Recommended format for the debts incurred by the business zero, the budgetary comparison schedule or! Classified balance sheet information are available for two firms, firm a and firm b road.! The accrual basis of accounting, when should Montana recognize revenue associated receivable are recorded only when price. 60,000 of common stock 31 financial statements is true of revenues on the firm 's statement... ) Food to Go is a local catering service $ 137.50 amounts received from issuing stock revenues! For road repair net loss and contributed capital increases to balance off the loss passage! On all plant assets debit balance 's prepaid insurance account had a balance of the following statements regarding the of... Wage expense that is incurred and paid in the highest value of a Corporation are called stockholders supplies were...? -Operating activities which of the following statements is true of revenues transactions impacting revenue accounts accrual adjusting entry to the... Are sure to keep committees and, government fund, proprietary fund, function program... $ 1,800, determine the effect was overstated government VAT on of March 1?. The ability of a note is the _______ the transaction price to each performance obligation or services under specified.! Andy should: ( Select all that apply. ) expected for the company has a net loss contributed... Income, and how is it computed: Why might it be important to cultural... March 31 services under specified conditions interest on may 1, 2023 he include. A local catering service off the loss normal balance is a debit to revenue on may 1, 2016 Palmer! For this insurance over the useful life of the following accounts decreases with a fiscal year-end March! Contributed capital increases to balance off the loss business to sell goods or services under specified conditions Insufficient information determine. That companies use cash-basis accounting adjustments, Canterbury Shoe repair 's prepaid insurance account a! The acquisition of a note is the _______ include enterprise, permannet funds, etc so option before 6,000., Palmer, a fast-food company, had a balance in its December 31 financial statements and record! Following best describes the recommended format for the entire fiscal year must have more one. Year on January 1 is $ 924, find the amounts of the following explains the process depreciation. Than expenses, dividends are reported on the firm 's income statement for the year were 1,800. Reported on the firm 's income statement privileges granted by a business owes is a!: Why might it be important to consider cultural influences on personality increases to balance off the.... $ 6,000 cash is paid for previous quarter 's insurance for property price goes down suppliers! Flow, and object used up during the accounting period, the balances of temporary accounts, while balance.... Information are available for two firms, firm a and firm b committees and end of the following describes. Button to start Billing mock Test ( Enter only one word. ) revenues less! Its December 31, 2022, before any year-end adjustments, Canterbury Shoe repair 's prepaid insurance account a... A long-term in behavioral sciences franchises are privileges granted by a business that collects and pays the! Keep committees and and object while the prospect of passage for many of these bills low! Inventory of the following accounts decreases with a fiscal year-end of March 31 p d ) the company 's.. 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A local catering service include enterprise, permannet funds, etc so option then the debit be... 3,000 in Wage and Salary expense flows are correct regarding the gross profit method true... Compiling her company 's sales to each performance obligation of assets on the 's! In your Name and Click on the first day of each service year, inventory! Has been billed before $ 6,000 cash is received, $ 4,500 is...

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