False, An adjusted trial balance does not list the revenues and expenses of a business.
- No entry is made under the accrual system of accounting until the money has been paid.
- Additionally,<u> an </u><u>adjusted trial balance</u><u> does not include a </u><u>business's revenues and costs.</u> The net income will be inflated if a corporation doesn't make an adjustment entry for accrued revenues.
What is an adjusted trial balance ?
- At the end of an accounting period, the balances of all accounts, including those that have been amended, are displayed in an adjusted trial balance.
- Its goal is to demonstrate that, after all adjustments, the total debit and total credit balances in the ledger are equal.
Which of the following is true of a trial balance?
A trial balance with equal debit and credit balances proves that the accounts are in balance.
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Answer:
The amount of Joanna's gross income from these items is $60,000.
Explanation:
Gross income = $60,000
Only the compensation from her employee should be considered here. Since the stock is not sold, its appreciation has no value.
A life insurance proceeds is a tax-free item, therefore not to be included in gross income.
Therefore, The amount of Joanna's gross income from these items is $60,000.
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Answer & Explanation:
If there is no other place for it. The case must be put back together and returned to the back room to be stored. There are times where it is acceptable to return a partial case to the back. An example is if a customer asks for an item out of the box.
