T or F

T or F

T or F

The balance sheet omits many items that are of financial value to the business but cannot be recorded objectively The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as Dividends declared on common and preferred stock are subtracted from net income in th .computation of earnings per shar :Garret Company owns the following investments Trading securities (fair value) $60,000 Available-for-sale securities (fair value) 35,000 Held-to-maturity securities (amortized cost) 47,000 Garret will report investments in its current assets section of Use of a multiple-step income statement will result in the company reporting a higher net income than if they used a single-step income statement An example of an item which is not an element of working capital is