« previous next »

Author Question: To close an expense account with a debit balance, debit the account for its balance and credit the ... (Read 175 times)

rayancarla1

  • Hero Member
  • *****
  • Posts: 571
on: Jul 5, 2018
To close an expense account with a debit balance, debit the account for its balance and credit the income summary account.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

A hospital invested 780,000 in equity securities in March, 2012 . When it prepared its financial statements at year-end, the securities had a fair value of 802,000 .
 
  How should the hospital report the securities in its balance sheet at year end?
   a. report the securities at cost (780,000).
   b. report the securities at cost (780,000) and show the fair value (802,000) parenthetically next to the caption Investments.
   c. report the securities at cost (780,000) and show the fair value (802,000) in the notes to he financial statements.
   d. report the securities at the fair value (802,000)


Briannahope

  • Sr. Member
  • ****
  • Posts: 364
Reply #1 on: Jul 5, 2018
Answer to Question 1

False

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Did you know?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

The tallest man ever known was Robert Wadlow, an American, who reached the height of 8 feet 11 inches. He died at age 26 years from an infection caused by the immense weight of his body (491 pounds) and the stress on his leg bones and muscles.

Maintaining Physiological Balance Maintaining Physiological Balance
Johannes Vermeer, Woman Holding a Balance. Johannes Vermeer, Woman Holding a Balance.
a) Lunge with your legs open to the table. b) Avoid lunging with your legs close to table. a) Lunge with your legs open to the table. b) Avoid lunging with your legs close to table.
Buildings account for 15% of greenhouse gas emissions Buildings account for 15% of greenhouse gas emissions
Nitrogen Balance and Imbalance Nitrogen Balance and Imbalance
Energy Balance and Imbalances Energy Balance and Imbalances
Video: Dissociative Disorders (Part 1)

For a complete list of videos, visit our video library