Answer:
The first company with detailed information.
Explanation:
Financial statements show the financial position of a company at a particular period in time. The various types are balance sheet, income statement, and cash flow statement.
The income statement shows more clearly value of the company.
When Ashton is studying the income statement, he will need as much detail as possible so that he can make informed decision to invest.
The company with detailed income statement will be a better option. The company with condensed income statement will most likely not reveal some important information that will present itself as an unpleasant surprise in the future.
Answer:
Increase.
Explanation:
The quantity that exists when a market is in equilibrium. Equilibrium quantity is simultaneously equal to both the quantity demanded and quantity supplied. In a market graph, the equilibrium quantity is found at the intersection of the demand curve and the supply curve.
Answer: This statement is correct. Maximizing profit refers to short run or long run process by which a businessdetermine the price, input, and output levels that lead to the highest profit possible.
By choosing not to not to pick the apples off their trees and instead let them rot the farmers are in fact maximizing profits as picking them and selling might lead to loss.
Answer:
Please see the answer below:
Explanation:
Debit: Depreciation Expense $2,750
Credit: Accumulated Depreciation $2,750
To record adjusting entry for Depreciation Expense of Equipment.
- For T-accounts the entries will made as above, <em>Depreciation T-Account</em> will be Debited with $2750 and <em>Accumulated Depreciation T-Account</em> will be credited with $2750.
Balance Sheet as of December 31
<em>Fixed Assets:</em> $ $
Equipment 22,000
Less: Accumulated Depreciation (2,750)
Net Cost of Equipment as of Dec 31 19,250
