That answer is True because it says that the lowest possible quality and it is true
Answer:
both income from operations and gross profit.
Explanation:
As we know that
The income statement recognized the revenues earned and the expenses incurred for a particular period
And the multiple-step income statement refers to the classification of expenses like
The format is shown below:
Sales XXXXX
Less: Cost of goods sold XXXXX
Gross profit XXXXX
Less: Operating expenses
Administrative expenses XXXXX
Selling expenses XXXXX
Operating income XXXXX
Non operating income or others
Less: Interest expense XXXXX
Rent revenue XXXXX
Net income XXXXX
Therefore, the third option is correct
Answer:
B)owners' equity and decrease assets.
Explanation:
From the question, we are informed about Ringgold Co. Whereby At the end of the current accounting period, Ringgold Co. recorded depreciation of $15,000 on its equipment. In this case, The effect of this entry on the company's balance sheet is to decrease owners' equity and decrease assets. Depreciation can be regarded as type of expense that brings reduction in value of an asset. It can be regarded as scheduled and not estimated expense . Depreciation can be recorded on balance sheet, as well as cash flow statement.
Lender
which is usually the bank
Answer:
$27,000
Explanation:
Allowance for doubtful accounts before adjustment $15,000
Allowance provided for the month;
$800,000*1.5% $12,000
Closing balance for Doubtful Accounts $27,000
The allowance for doubtful accounts is provided on net sales basis therefore sales are multiplied with % of bad debt allowance given in question.
