Answer:
B. Depreciation allocates replacement values as part of the matching of revenues and expenses.
Explanation:
Depreciation allocates replacement values as part of the matching of revenues and expenses is not entirely true about depreciation accounting.
Answer:
C) small part of household wealth, and so the interest-rate effect is small.
Explanation:
During 2011 the per capita holdings of US dollars amount to only $2950, compared to the GDP per capita of $49,794 it is not a significant amount. Some government agencies estimate that nearly 2/3 of all $100 bills are held in foreign countries.
The decrease in money holdings can be attributed to an increase in the use of banking services, especially an increase in the use of debit cards, but also credit cards and checks.
Answer:
Wayman Corporation
Multiple-step income statement
Sales $425,000
Less: Cost of goods sold <u>$135,000</u>
Gross Profit $290,000
Operating Expenses
Salary Expenses $45,000
Utility Expenses $55,000
Advertising Expenses <u>$35,000</u>
Total Operating Expenses <u>($135,000)</u>
Net Operating Income $155,000
Other Income and Expenses
Interest expense <u>$25,000</u>
Net Income before Tax $130,000
Income tax expense <u>$55,000
</u>
Net Income <u>$75,000</u>
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