Indicate whether each of the following transactions would be added to (+) or subtracted from (-) profit
Question:
(a) ______ Depreciation expense
(b) ______ Increase in accounts receivable
(c) ______ Decrease in merchandise inventory in the perpetual inventory system
(d) ______ Increase in accounts payable
(e) ______ Decrease in income tax payable
(f) ______ Gain on disposal of equipment
(g) ______ Loss on sale of long-term investment
(h) ______ Decrease in dividend payable
(i) ______ Impairment loss for goodwill?
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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