Answer:
B. Full disclosure principle
Explanation:
Full disclosure principle ensures that all relevant financial information is reported
Answer:
a.common stock.
Explanation:
The additional $10,000 of owners equity after listing on the stock market will be named as common stock. After listing company issues shares for capital investment in it. Common stock is the appropriate term used for every addition in the owners equity. So the correct option is a.common stock.
Answer:
a. $33,000.
b. $36,000.
Explanation:
Net income is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is also called net earnings.
Now, Cash accounting recognizes revenue and expenses only when money changes hands, but accrual accounting recognizes revenue when it's earned, and expenses when they're billed (but not paid).
a. 2014 Cash-basis net income:
Primo Industries collected $105,000 from customers in 2019
Primo Industries also paid $72,000 for expenses in 2019
=105,000-72,000
=$33,000
b. 2014 accrual-basis net income.
=(105,000-25000+40000)-(72000-30000+42000)
=120000-84000
=$36,000
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