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

Author Question: If the total of the Income Statement Credit column, before determining net income or net loss, ... (Read 89 times)

Zoey63294

  • Hero Member
  • *****
  • Posts: 539
on: Jul 5, 2018
If the total of the Income Statement Credit column, before determining net income or net loss, exceeds the total of the Income Statement Debit column, the result is a net loss for the year.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

A city experienced several auto damage claims during its year ended December 31, 2012 . The total amount claimed was 600,000 . No cash was paid out in 2012 . However, claims totaling 200,000 were settled by December 31, 2012 .
 
  These claims were settled for 80,000, and were scheduled for payment on January 15, 2013 . City attorneys felt that the remaining 400,000 of claims could be settled during 2013 for about 160,000 . How much should the city recognize as claims expenses in its government-wide financial statements for 2012?
   a. 0
   b. 80,000
   c. 240,000
   d. 480,000


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

cegalasso

  • Sr. Member
  • ****
  • Posts: 295
Reply #1 on: Jul 5, 2018
Answer to Question 1

False

Answer to Question 2

c


Zoey63294

  • Member
  • Posts: 539
Reply 2 on: Jul 5, 2018
Excellent

milbourne11

  • Member
  • Posts: 322
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

More than 50% of American adults have oral herpes, which is commonly known as "cold sores" or "fever blisters." The herpes virus can be active on the skin surface without showing any signs or causing any symptoms.

Did you know?

The ratio of hydrogen atoms to oxygen in water (H2O) is 2:1.

Did you know?

Throughout history, plants containing cardiac steroids have been used as heart drugs and as poisons (e.g., in arrows used in combat), emetics, and diuretics.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Did you know?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Vertebral compression Fractures of the spine (vertebra) can cause severe ”band-like” pain that radia Vertebral compression Fractures of the spine (vertebra) can cause severe ”band-like” pain that radia
Listening to loud music with headphones or at rock concerts is a frequent cause of hearing loss amon Listening to loud music with headphones or at rock concerts is a frequent cause of hearing loss amon
Nomogram for determining Body Surface Area (BSA). Nomogram for determining Body Surface Area (BSA).
Relationship between Income Inequality and the Desired Tax Rate Relationship between Income Inequality and the Desired Tax Rate
Right lateral view showing low normal curves of the vertebral column Right lateral view showing low normal curves of the vertebral column
Relative levels of neuronal loss in HD transgenic mice Relative levels of neuronal loss in HD transgenic mice
Video: Introduction to Photolithography - WC, BLF, PA, Hard and Soft baking

For a complete list of videos, visit our video library