This topic contains a solution. Click here to go to the answer

Author Question: Magic, Inc collected 24,000 in October 2011 from customers in exchange for 12-month subscriptions to ... (Read 101 times)

vinney12

  • Hero Member
  • *****
  • Posts: 586
Magic, Inc collected 24,000 in October 2011 from customers in exchange for 12-month subscriptions to its monthly magazine Magic Times. The October issue was the first issue of the subscription.
 
  Which statement below is true regarding the effects of collecting the cash from customers in October?
  A) Assets and liabilities will increase by 24,000.
  B) Assets will increase and shareholders' equity will decrease by 24,000.
  C) Liabilities and shareholders' equity will increase by 24,000.
  D) Assets and shareholders' equity will increase by 2,000.

Question 2

Compensation expressed in terms of hours, weeks, or units produced for skilled or unskilled labor is usually referred to as salary.
 a. True
   b. False
   Indicate whether the statement is true or false



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

blakeserpa

  • Sr. Member
  • ****
  • Posts: 338
Answer to Question 1

A

Answer to Question 2

False




vinney12

  • Member
  • Posts: 586
Reply 2 on: Jul 5, 2018
Excellent


mohan

  • Member
  • Posts: 362
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

Disorders that may affect pharmacodynamics include genetic mutations, malnutrition, thyrotoxicosis, myasthenia gravis, Parkinson's disease, and certain forms of insulin-resistant diabetes mellitus.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

For a complete list of videos, visit our video library