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Author Question: The financial statement that presents a summary of the revenues and expenses of a business for a ... (Read 62 times)

Collmarie

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  • Posts: 569
on: Jul 5, 2018
The financial statement that presents a summary of the revenues and expenses of a business for a specific periodof time, such as a month or year, is called a(n)
 a. prior period statement
  b. statement of owner's equity
  c. income statement
  d. balance sheet

Question 2

The Capital Projects Fund issued general long-term debt at a premium. The conversion worksheet adjustment would include a
 
  a. DEBIT to cash.
  b. CREDIT to bonds payable.
  c. DEBIT to unamortized premium on bonds.
  d. CREDIT to other financing sources.
  e. All of the above.


nickk12214

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Reply #1 on: Jul 5, 2018
Answer to Question 1

c

Answer to Question 2

B


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