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Elza [17]
2 years ago
5

Which of the following statements regarding the income statement columns on the worksheet is false?

Business
1 answer:
Alex2 years ago
5 0

Unearned revenue is recorded as a liability on a company's balance sheet.

What is an income statement?

A company's revenues, expenses, and profitability are summarized in an income statement over time.

On a company's balance sheet, unearned revenue is recorded as a liability.

It is also known as a profit-and-loss (P&L) statement or an income statement.

It shows your revenue from selling products or services as well as your expenses for generating revenue and running your business.

Hence option b is correct as stated above.

Learn more about income statements here.
brainly.com/question/13463210

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Molodets [167]
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It is not a consumers responsibility to report fraudental activity
creativ13 [48]

If this is a true/false question, the answer is FALSE.

It is consumers' responsibility to report fraud when it occurs.

4 0
3 years ago
An employee earns $28 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 h
Gemiola [76]

Answer: Gross pay- $1750.00

Net pay - $1,215.75

Explanation: Gross pay = Nomal time =$28*40= $1,120. Overtime = $28*1.5*15= $630 Total= $1,750

Net pay = $1,750 less Security tax, Medicare tax, federal income tax withheld.

$1750* 6.0%= $105

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= $1,215.75

8 0
3 years ago
1. What is the difference between fixed, variable, and periodic costs?
lisov135 [29]

Answer:

The difference is in how they response to the level of production of the firm.

Variable cost are directly associated with the production level, therefore changes with the number of units produced.

Fixed costs do not change with the level of production and remains fixed. Usually, fixed cost changes with the time.

Periodic Costs are the costs that cannot be capitalised and are incurred for a period of time. Such as administrative costs.

Explanation:

4 0
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Quick assets include which of the following? Multiple Choice Market securities, receivables, and inventories. Cash, marketable s
just olya [345]

Answer:

The correct answer is letter "C": Cash, marketable securities, and receivables.

Explanation:

The quick assets of a company can easily be converted into cash. Quick assets include <em>cash, account receivables, </em>and<em> marketable securities</em>, which are equity and debt securities that can be converted into cash within one year. To calculate the company's quick assets add its cash, account receivables, and marketable securities and subtract its inventory from that result.

8 0
2 years ago
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