ACCOUNTING HELP

The financial statements included in the annual report to the shareholders are least useful to which one of the following? Stockbrokers. Bankers preparing to lend money. Competing businesses. Managers in charge of operating activities. According to the FASB's conceptual framework, which of the following best describes the distinction between expenses and losses? Losses are reported net of related tax effect, and expenses are not. Losses are decreases in net assets, and expenses are not. Losses are material, and expenses are immaterial. Losses result from peripheral or incidental transactions, and expenses result from ongoing major or central operations of the entity. Mill Co.'s trial balance included the following account balances at December 31, Year 6: What amounts should be included in the current liability section of Mill's December 31, Year 6 balance sheet? $45,000 $51,000 $65,000 $71,000 Pemco Enterprises sells annual memberships to its shooting lodge. The memberships $240 each. On January 1, Pemco sold 2,000 memberships and received cash. How much revenue should Pemco recognize on January 1? $0 $480,000 $240,000