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 150 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

jordangronback

  • Member
  • Posts: 339
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

In most climates, 8 to 10 glasses of water per day is recommended for adults. The best indicator for adequate fluid intake is frequent, clear urination.

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

A 3-tonne (3.0-long-ton; 3.3-short-ton) great white shark off Isla Guadalupe A 3-tonne (3.0-long-ton; 3.3-short-ton) great white shark off Isla Guadalupe
The rate of evolution in short­ and long­lived plants The rate of evolution in short­ and long­lived plants
Triumphal Entry, page from a manuscript of Firdawsi's Shahnamah, Persian, Safavid culture. Triumphal Entry, page from a manuscript of Firdawsi's Shahnamah, Persian, Safavid culture.
Record the AC frequency as shown on the meter and subtract 50 from the reading (e.g., 60.50 -50.00 = ... Record the AC frequency as shown on the meter and subtract 50 from the reading (e.g., 60.50 -50.00 = ...
To measure fuel-injector resistance, a technician constructed a short wiring harness with a double ... To measure fuel-injector resistance, a technician constructed a short wiring harness with a double ...
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 ...
Video: Evolutionary tree of life Animation

For a complete list of videos, visit our video library