Use Carnival Corporation s balance sheet to answer the questions that
Use Carnival Corporation’s balance sheet to answer the questions that follow.

1. Which current asset reflects deferred expenses? Explain what it means to defer expenses, and give the adjustment to the accounting equation that was probably made to record this asset.
2. The liabilities section shows over $2.5 billion in customer deposits at November 30, 2008. Explain why this is a liability, and give the transaction (in the accounting equation) that resulted in thisliability.
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help