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shepuryov [24]
3 years ago
12

Which of the following statements is TRUE?

Business
1 answer:
9966 [12]3 years ago
8 0
I believe the answer is A. Hope this helps :)
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The general ledger of the Fly-Buy-Nite (FBN) Engineering Company contained the following account balances. Construct an income s
Amiraneli [1.4K]

Answer:

Fly-Buy-Nite (FBN) Engineering Company

Income Statement

Sales revenue                                          35,000

Less Expenses :

Administrative expenses      2,750

Sub-contracted services     15,000

Development expenses           900

Interest expense                       200

Selling expenses                    4,500      (23,350)

Net Income                                               11,650

Net Income before taxes is $11,650

Explanation:

The Income Statement shows operating results that is Profit or Loss resulting from trading operations of the company. Profit or Loss = Sales less Expenses.

8 0
3 years ago
Jamie knows that his spring break travel packages are the best deal on campus. He also knows his competitor is sloppy, often wai
elixir [45]

Answer:

Correct option is (e)

Explanation:

Advertising message refers to the underlying meaning that needs to be conveyed to the customer. In other words, it's the point that the customer understands after seeing the advertisement.

One of the components of advertising message is appeal which is the element that grabs the attention of the customer. The advertiser emphasis on the appeal that attracts the customer like funny or adventurous appeal.

Here, Jamie is wants to convey the message to the students that travel packages provided by him is the best. He is trying to use informational appeal.

5 0
3 years ago
What are the accounting differences between cash and receivables from the perspective of a buyer? A seller? How are these differ
bogdanovich [222]

Answer:

From a buyer's perspective, a sale made on credit represents a liability. While a sale made on cash represents a decrease of current assets.

From a seller's perspective, a sale made on credit or cash increases current assets, but the possibility of a bad debt always exist, therefore, accounts receivables must be periodically adjusted due to bad debts.

If the seller or buyer uses accrual accounting system, the previous description holds, but if they use cash basis accounting, things change a lot. When use cash basis, transactions are recorded only when cash is exchanged, so accounts receivables do not actually increase assets (seller's perspective), and accounts payables do not increase liabilities (buyer's perspective).

6 0
3 years ago
The company has an unadjusted debit balance in Accounts Receivable of $25,000 and an unadjusted credit balance of $10 in Allowan
KATRIN_1 [288]

Answer:

Date        Description              Dr.             Cr.

Dec 31   Sales discounts       $200

             Allowance for sales discounts   $200

Explanation:

Expected sales discounts. $10,000 × 2% = $200

As the discount is expected and according to the accrual accounting concept the expenses accrued or expected to incurred should be recorded in the period in which revenue of that expense is recorded. Discount of 2% is expected to be availed by the customer amounting sales of $10,000. and it will be availed after year end as discount period will end after year end.

3 0
3 years ago
Firms are organizations that A) take advantage of the public. B) transform resources into products. C) transform outputs into in
loris [4]

Answer:

B

Explanation:

A firm is an organisation that is created to make profit. They transform resources into products

They include :

  • corporations
  • limited liabilities
  • partnerships
7 0
2 years ago
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