Answer:
The correct answer is letter "D": A standardized way of presenting the key terms of your credit card agreement.
Explanation:
Named after Senator Charles Schumer (born in 1950), the Schumer box is part of the disclosure information financial institutions must provide to debtors so they can be aware of what is the interest and fees subject to the use of credit cards. It is a box mostly present in credit card statements but must be included in any credit card solicitation.
Answer: is increased by credits
Explanation:
Revenue accounts are increased by credits because they are an equity account and equity accounts increase by credit. This is because the corresponding entry would be an asset such as cash and as the asset has to increase by being debited, revenue must be increased by credit.
Other accounts that are increased by credit include liabilities. Accounts that increase by debits apart from assets include purchases and expenses.
The correct options are B, C and E.
Starting a business can be a risky move because of some elements which are involved in creating a new business. For instance, large amount of capital is needed to start a typical business and the uncertain conditions which prevails in the business world can make one to lose one's capital in no time at all. The extent to which assets can be converted to cash is also one of the risks that one must considered.
Answer: The investment is written down to fair value, and only the credit loss component of the impairment loss is recognized in net income.
Explanation: The fair value of the debt is simply its value if you adjust the price of the debt so that a buyer would be earning the market rate of interest. If the fair value of a debt investment that is classified as an available-for-sale investment declines for a reason that is viewed as "other than temporary" because the company has incurred a credit loss on the investment then the investment is written down to fair value, and only the credit loss component of the impairment loss is recognized in net income.
Answer:
The cash flows from operating activities section of the statement of cash flows using the indirect method is $172,475.
Explanation:
Kennedy, Inc.
Statement of cash flows (extract)
Net income $179,562
Add: Depreciation expense 15,511
Loss on disposal of equipment 11,046
Less: Gain on sale of building (21,801)
Increase in accounts receivable (8,734)
Decrease in accounts payable (3,109)
Cash flows from operating activities $172,475
