Answer:
the word objects makes me think B. also, wants can be fulfilled by objects, not tools or economics.
Explanation:
The income statement shows a detailed picture of the transactions of all revenue and expenses. The income summary account then summarizes these figures in order to produce the statement of retained earnings. Both the income statement and income summary show the revenue and expenses of a company.
Answer and Explanation:
The indication of the basic analysis and the debit credit analysis is as follows;
Date Basic Analysis Debit - Credit Analysis
Aug. 1 The asset Cash is increased; Debits increase assets;
the stockholders' equity account Debit Cash
Common stock is increased. $10,880
Credits increase stockholders' equity
Credit Common stock
$10,880
Aug. 4 The asset Prepaid Insurance Debits increase assets;
is increased; Debit Prepaid Insurance
the asset Cash is decreased. $ 1,500
Credits decrease assets;
Credit Cash
$ 1,500
Aug. 16 The asset Cash is increased; Debits increase assets;
the revenue Service revenue Debit Cash
is increased. $880
Credits increase revenues:
Credit Service revenue
$880
Aug. 27 The expense Salaries expense Debits increase expenses:
is increased; Debit Salaries expense
the asset Cash is decreased. $680.
Credits decrease assets:
Credit Cash
$680
Answer:
In order to make the distribution to common shareholders, each preferred share must be paid a dividend of:
$5 per share.
Explanation:
The preferred stock is non-cumulative. This implies that XYZ's preferred stockholders are not being owed for the previous two year's dividend that was not paid. Non-cumulative preferred stock does not attract dividend arrears whenever it was not declared. It is cumulative preferred stock that attracts such arrears to be carried forward until they are paid.
Answer: Long-term assets are assets with a duration of more than one year. From the list the parties classified as long-term assets are three:
- Land
- Buildings
-Equipment
The rest of the games are classified as:
Accounts receivable (short-term assets)
Notes payable (due in three years) (Long-term liabilities)
Accounts payable (Short-term liabilities)
Retained Revenue (Equity)
Prepaid rental (Short-term assets)
Unearned Renvenue (Short-term liabilities)
Notes payable (due in six months) (Short Term Liabilities)
