These are selected account balances on December 31, 2007. What is the total amount of property, plant, and equipment that will appear on the balance sheet? a. $1,000,000 b, $1, 300,000 c.$1, 100,000 d, $950,000 Using accrual accounting, expenses are recorded and reported only a. when they are incurred and paid at the same time. b. if they are paid after they are incurred c. if they are paid before they are incurred. d. when they are incurred whether or not cash is paid. A business organized as a corporation a. has tax advantages over a proprietorship or partnership. b. is not a separate legal entity in most states. c. requires that stockholders be personally liable for the debts of the business d. is owned by its stockholders. Each of the following companies is a merchandising company except a a. moving company. b. wholesale parts company. c. candy store d, furniture store A current asset is: a. an asset which is currently being used to produce a product or sen b. usually found as a separate classification in the income statement c. the last asset purchased by a business. business wi d. expected to be converted to cash or used in the relatively short period of time