The financial statement called the Statement of Financial Position is also known as the Balance Sheet.
The three accounting elements that are included on this statement are the Assets, Liabilities and Owner’s Equity.
Answer: For 2014, Korte would report comprehensive income of $341,000.
Explanation:
Korte Company
Comprehensive income statement for 2014 (extract)
Sales revenue $1,500,000
Cost of goods sold (1,050,000)
Gross profit 450,000
Operating expenses (165,000)
<em>Other income:</em>
Unrealised gain on AFS securities 50,000
Dividends received 6,000
Comprehensive income $341,000
Answer:
The correct answer is letter "A": True.
Explanation:
Nonmonetary assets are objects a firm possesses in which cash value is complicated to determine for accounting purposes. The value of those assets may vary with time in front of different economic scenarios. When these types of assets are sold in markets where there is few to no liquidity and the calculated amount for the object is not transferred, the loss is recognized as it happens.
Answer:
Explanation:
Crane Co
June 1. Credit: Sales $52,200
Debit: Acc receivable $52,200
Being sales on account
June 12 Debit: Bank. $ 50,634
Debit: Discount Allowed $1,566
Credit: Acc receivable. $52,200
Being payment received on sales
