Question Completion Status: QUESTION 28 Under the cash basis of accounting, revenues are recognized in the period of cash re True False QUESTION 29 For purposes of reporting the results of operations, the life of a business is: A. considered to be one continuous reporting period B. divided into discrete accounting periods C. divided into one-year time intervals OD. divided into specific points in time E. None of these QUESTION 30 On January 15, Collin paid $600 in insurance premiums for a two-month policy for Janu should be debited to Prepaid Insurance at January 317 O A $600 B. $450 C. $150 D. $0 O E. None of these Click Save and Submit to save and submit. Click Save All Answers to save all answers. Question Completion Status: SN60 70 80 90 100 110 120 130 140 15 16 170 180 190 200 21 22 23 24 25 260 270 280 29 300 31 32 33 3 QUESTION 31 Conner Corporation's adjusted trial balance included the following items:Accounts payable (565.000). Accounts receivable ($45,000), Capital stock ($100.000). Cash ($50,000). Dividends ($10,000). Goodwill ($47.000), Interest expense ($4.000). Interest payable ($2.000), Inventory ($32,000), Notes payable ($80.000). Prepaid expenses ($5,000), Property, plant & equipment ($123.000), Retained earnings (546,000), Rent expense ($18,000). Revenues ($101.000), and Salary expense (560,000). The note payable balance is not due for many years, although interest is paid annually. How much is Conner's current ratio? TTTF Paragraph Arial 3 (12pt) - T.. %DO S T ' T, 25 IT -- O fx Mashups - " BBBBBBBHTH CSS Path: P Words:0 QUESTION 32 All information necessary for preparation of formal financial statements is found in the work sheet's income statement and balance sheet sections True False QUESTION 33 Conner Corporation's adjusted trial balance included the following items:Accounts payable ($65.000). Accounts receivable ($45.000). Capital stock ($100.000 rashi no Goodwill (547.000). Interest expense ($4.0001 Interest rahimi Naddendrini