Good morning,
Yesterday I renewed our building lease for the next 3 years. I know we might move sooner than that, but it was cheaper this way. You mentioned that we only have the funds to operate for the next 16 months, but I am confident things will look up soon.
Thanks,
Shiela Dawson
CEO
According to the going concern principle, how should Sporting Supply recognize its building lease?
answer
In equal parts over the next 36 months
question
JustCookies signs a contract to sell $20,000 worth of cookies to a restaurant in June. The cookies are delivered in July and the restaurant pays in August.
When should JustCookies record the revenue?
answer
When the delivery is completed
question
Allen's Roofing posts $5000 in net income and $200 in dividends for the year.
How does this affect the retained earnings on the balance sheet.
answer
Retained earnings increases by $4,800.00
question
John buys fixed assets in 2017. What fixed assets could he have bought that will not increase accumulated depreciation in 2018?
answer
Land
question
What account has a debit as a normal account balance
answer
Fixed Assets
question
Wacky Entertainment Inc. is in the middle of a copyright lawsuit. Next month, the company anticipates winning $500,000 in the settlement
answer
As a footnote of the financial statements
question
In the statement below, which activity is miscategorized?
answer
Cash paid for purchase of property and equipment should not be under operations
question
Which expense can be recognized in full in March?
answer
Office supplies for the HR department
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