Question
  • Cash received from loans is a deposit other than customer payments.
Group of answer choices
True
False

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Final Accounts for Companies

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: A diesel-powered tractor with a cost of $249,520 and an estimated residual value of $7,600 is expect...

A: Click to see the answer

Q: You are given the following information about Aisha Enterprises. The company would like to raise cap...

A: EBIT means Earning Before Interest and tax and EPS Eearning per share.

Q: Please show working

A: No. of shares issued under stock dividend = Number of outstanding shares x 5% = 500,000 shares x 5% ...

Q: Q3: Prepare Income Statement and Balance Sheet from the following Trial Balance Saadab. Mersbandized...

A: Profit and loss account: Particulars Amount $ Revenues:   Sales 20,000 Service revenue (8,0...

Q: Q2. In March 2013, Marine tangerine organized a corporation to provide package deliveryservices. The...

A: For answering part "a" of the question, please provide the six components of the company's financial...

Q: E6.4 (LO 3, 4) est table, answer the following questions. (Each case is independent of the others.) ...

A: Click to see the answer

Q: On January 1, 2007, Ausser Ltd. acquires 40 percent of the outstanding voting shares of Aussee Inc. ...

A: On January 1, 2007 In the books of Ausser ltd.  Equity method investment = $400000  (@40% of shares)...

Q: According to the historical cost principle, assets are measured at the exchange price at the time  ...

A: Introduction: As per the historical cost principle is one of basic accounting principle, is a measur...

Q: please show working

A: Solution: A Job Order costing System accumulates the costs associated with a specific group of produ...

Q: The following accounts were used to make year-end adjustments. Identify the related account that is ...

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual ba...

Q: The following information is available for Goode Company: May 1 Beginning inventory 18 units @ $4...

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously u...

Q: The realization principle determines when a business should recognize revenue. Listed next are three...

A: Realization principle: Realization principle states that, under the accrual basis of accounting, rev...

Q: Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $114,140 has an estimat...

A: Straight-line method:- This method is used in amortization of the value of an asset into its number ...

Q: Huluduey Corporation’s comparative balance sheet for current assets and liabilities was as follows: ...

A: Net Income : Net Income means deduction of expenses from Revenues. It tells the profitability of the...

Q: What is the yield to maturity of a share of Six Flags B $1.88 preferred stock if the investor buys t...

A: Yield to maturity = Annual dividend / Share price

Q: Following are 10 audit procedures with words missing and a list ofseveral terms commonly used in aud...

A:   Audit procedure is different types of steps that are followed by an auditor while conducting the a...

Q: Valley Designs issued a 90-day, 12% note for $36,000, dated April 15, to Bork Furniture Company on a...

A: Maturity Value of Note will be Principal Amount and Interest on Note Interest = Principal * Interest...

Q: Production Budget Pasadena Candle Inc. projected sales of 79,000 candles for January. The estimated ...

A: The following format is provided on the question: Pasadena Candle Inc Production Budget For the mont...

Q: (a) For each company, compute the following ratios. (1) Current. (2) Receivables turnover. (3) Avera...

A: a) Particulars T W Current Ratio 18,906 ÷ 11,782             1.6 47,585 ÷ 58,454             0...

Q: I am having trouble with this chapter we moved on  to the necktie chapter last week but I'm still ha...

A: Formulas:

Q: The following are misstatements that might be found inthe client’s year-end cash balance (assume tha...

A: A deceptive act done purposefully intentionally or by one party so as to impact another party to go ...

Q: Enviro-Tech has only two retail and two whole-sale customers. Information relating to each customer ...

A: Click to see the answer

Q: On August 1, Year 1, Ant Company sold Bee Company $1,500,000 of 10-year, 6% bonds, dated July 1 at 1...

A: Journal entry is the one where the transactions of the business are recorded in the books of the bus...

Q: Which of the following best represents a key control for ensuring sales are properlyauthorized when ...

A: Click to see the answer

Q: Budgeted sales at Ikkeep Corporation over the next four months are given below:  September $15...

A: Cash receipts will be calculated as follows: Cash Receipt = Current month cash sales + 50% of Curren...

Q: Widget Corp. currently is financed with 10% debt and 90% equity. However, its CFO has proposed that ...

A: Debt refers to amount owed by a company to the outsiders such as banks and financial institutions an...

Q: Explain what is meant by determining the degree of correspondencebetween information and established...

A: To do an audit, there must be information in a verifiable form and some standards(criteria) by which...

Q: E10.1 (LO 1) (Acquisition Costs of Realty) The following expenditures and receipts are related to la...

A: Fixed assets: These are the assets which were used in the business for more than one year. These ass...

Q: PA2. LO 5.1 The following selected accounts and normal balances existed at year-end. Make the four j...

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We...

Q: Please solve all the questions with a detailed explanation. Each sub-division should contain two par...

A: Internal control: Internal control is a process which ensures continuous reliability of accomplishm...

Q: The following tutorial questions serve as practice questions on TVM and Bond Valuation. (Answer Both...

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: Here are simplified financial statements for Watervan Corporation:   INCOME STATEMENT (Figur...

A: Economic value added: Economic profit is a measure based on residual income technique. It is represe...

Q: The assets and liabilities of Hercules Inc. as of December 31,2019, and revenues and expenses for th...

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...

Q: Gluon Inc. is considering the purchase of a new high pressure glueball. It can purchase the glueball...

A: Given information is: Gluon Inc. is considering the purchase of a new high pressure glueball. It can...

Q: The going-concern assumption infers that a company will continue to operate for at least the   next...

A: The Going-concern concept states that the business will continue its operation in the future and wil...

Q: a) Should preference shares be disclosed as 'equity' or 'debt'? Response

A: Preference Shares are the sources of capital for a corporation which are paid fixed rate of dividend...

Q: ABC Manufacturing Co. is currently working on two jobs. The job order cost sheets for Job 101 and Jo...

A: Gross margin means sales price minus factory cost (direct material plus direct labor plus factory ov...

Q: Condensed financial data of Martinez Company for 2020 and 2019 are presented below. MARTINEZ CO...

A: The cash flow statement is an essential part of the financial statements of the organization. It is ...

Q: Financial Statements from the End-of-Period Spreadsheet Bamboo Consulting is a consulting firm owned...

A: Income Statement  - A statement which used to calculate the profit or loss from the business which i...

Q: TB 03-109 A dance studio accepts $1,500 to provide a s.. A dance studio accepts $1,500 to provide a ...

A: Solution:- Introduction:- Accounting principles are the basic rules and guidelines that companies ar...

Q: Determine the market price of a $485,000, 10-year, 8% (pays interest semiannually) bond issue sold t...

A: The market value or price of a bond can be determined by using the current interest fee contrasted w...

Q: DelRay Foods must purchase a new gumdrop machine. Two machines are available. Machine 7745 has a fir...

A: Given: Cost of machine 7745 = $ 10,000 Salvage value = $ 1,000 Cost of machine A37Y = $ 8,000 Operat...

Q: Journalize the following selected transactions completed during the current fiscal year: Mar. 24 ...

A: No. of shares issued under stock dividend = Number of outstanding shares x 5% = 500,000 shares x 5% ...

Q: Which of the following are not deductible by a CPA who prepares tax returns? a. Subscription to the ...

A: CPA is the Certified Public Accountant who is also known as the qualified accountant expert in the f...

Q: Scenario Many companies transfer inventories from one subsidiary to another. Often the companies hav...

A: Inter company Transfers means the sales of goods from one company to another company which are relat...

Q: Find the COGS and ending inventory for the following purchases in FIFO, LIFO and Average Cost Ending...

A: Following would be the Journal entries: 1.  Buyer Being goods purchased on account   Selle...

Q: ccounts have been adjusted at April 30, the end of the fiscal year, the following balances were take...

A: Solution:- Journal entries in the books of Nuclear Landscaping Co. as follows