This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A debit journal entry to the cash short and over account is used to record a cash shortage. a. True ... (Read 162 times)

bio_gurl

  • Hero Member
  • *****
  • Posts: 524
on: Jul 5, 2018
A debit journal entry to the cash short and over account is used to record a cash shortage.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

How is net income calculated and on what financial statement(s) is it reported?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

jazzlynnnnn

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Jul 5, 2018
Answer to Question 1

True

Answer to Question 2

Net income is calculated by matching all expenses incurred during a given accounting period with all revenues earned during that same period. Thus, net income is based on the accrual basis of accounting. Net income is reported on the income statement and the statement of changes in shareholders' equity.


bio_gurl

  • Member
  • Posts: 524
Reply 2 on: Jul 5, 2018
:D TYSM

apple

  • Member
  • Posts: 352
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Multiple experimental evidences have confirmed that at the molecular level, cancer is caused by lesions in cellular DNA.

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Did you know?

Medications that are definitely not safe to take when breastfeeding include radioactive drugs, antimetabolites, some cancer (chemotherapy) agents, bromocriptine, ergotamine, methotrexate, and cyclosporine.

Did you know?

As of mid-2016, 18.2 million people were receiving advanced retroviral therapy (ART) worldwide. This represents between 43–50% of the 34–39.8 million people living with HIV.

Did you know?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

True Forget-Me-Not True Forget-Me-Not
Hormones acting through the brain help regulate metabolism and short- and long-term appetite. Hormones acting through the brain help regulate metabolism and short- and long-term appetite.
You deposit $2000 each year into an account earning 4% interest compounded annually. How much ... You deposit $2000 each year into an account earning 4% interest compounded annually. How much ...
A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ... A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ...
Time-of-entry mapping Time-of-entry mapping
Video: Summation - defined, spatial, temporal & AP generation or not

For a complete list of videos, visit our video library