For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is
Question:
For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is reported on the Balance Sheet or the Income Statement.
A. Salaries Payable
B. Sales Revenue
C. Salaries Expense
D. Prepaid Insurance
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
A This account is temporary as it is an expense incurred by a specific account Sales as a oneoff eve...View the full answer
Answered By
Brian Otieno
I'm Brian , an experienced professional freelancer with countless hours of success in freelancing many subjects in different disciplines. Specifically, I have handled many subjects and excelled in many disciplines. I have worked on many Computer Science projects and have been able to achieve a lot in that field. Additionally, I have handled other disciplines like History, Humanities, Social Sciences, Political science, Health care and life science, and Religion / Theology. My experience generally in these subjects has made me able to deliver high-quality projects in a very timely fashion. I am very reliable at my job and will get the work done in time, no matter what. In Addition, I have managed to ensure that the work meets my client's expectations and does not cause an error. I am a hard-working and diligent person who is highly responsible for everything I do. Generally, Freelancing has made me more accountable for doing my job. Additionally, I have had a passion for writing for the last seven years in this field.
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
For each of the following events, identify whether it is an external event that would be recorded as a transaction (E), an internal event that would be recorded as a transaction (I), or not recorded...
-
For each of the following real functions, use Definition 4.1 directly to prove that f'(a) exists. a) f(x) = x2 + x, R b) f{x) = x, a > 0 c) f(x) = l/x, a 0
-
A comparative balance sheet and an income statement for Blankley Company are given below: Blankley Company Income Statement (dollars in millions) Sales . . . . . . . . . . . . . . . . . . . . . . . ....
-
What line of code can you add to disable all logging messages in your program?
-
The consumption possibilities frontiers shown in Exhibit 4 assume terms of trade of 1 unit of clothing for 1 unit of food. What would the consumption possibilities frontiers look like if the terms of...
-
Explain the relationship between fixed costs, variable costs and revenue for determining when a firm should temporarily shut down.
-
A steam turbine operates on a superheated Rankine cycle. The pressure and temperature of the steam leaving the boiler are 10 bar and \(350^{\circ} \mathrm{C}\) respectively. The specific steam...
-
Abandonment Decisions Allied Products, Inc., is considering a new product launch. The firm expects to have annual operating cash flow of $25 million for the next 10 years. Allied Products uses a...
-
How many roots does the equation z4 6z + 3 = 0 have in the disk |z| < 2? and in |z| < 1?
-
The proposed rates were not in the range the CEO expected given the pricing analysis. The CEO has asked the pricing actuary to verify the total projected loss cost excluding potential large storm...
-
Search the Securities and Exchange Commission website (https://www.sec.gov/edgar/ searchedgar/companysearch.html) and locate the latest Form 10-K for a company you would like to analyze. Submit a...
-
For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is reported on the Balance Sheet or the Income Statement. A. Interest Expense B....
-
Which of the following mortgages will pay the smallest total interest over the life of the mortgage (no calculation necessary)? a. 30-year, 8 percent b. 30-year, 10 percent c. 15-year, 8 percent d....
-
Identify two factors that have contributed to the growth of the interest rate swap market.
-
Argue that for many species, a minimum population level is required for survival. Give several examples. Call this minimum survival level N s . Suggest a simple cubic growth submodel meeting these...
-
In Problem for each matrix game that is strictly determined (if it is not strictly determined, say so) (A) Locate the saddle values. (B) Find optimal strategies for R and C. (C) Find the value of the...
-
a. Why is a short futures hedge called a sell hedge? b. Why is a long futures hedge called a buy hedge?
-
What is meant by the "institutionalization" of capital markets?
-
Fifty grams of air undergoes a Stirling cycle with a compression ratio of 4. At the beginning of the isothermal process, the pressure and volume are 100 kPa and 0.05 m3, respectively. The temperature...
-
For what reason might an exporter use standard international trade documentation (letter of credit, draft, order bill of lading) on an intrafirm export to its parent or sister subsidiary?
-
A new client, John Dobson, recently formed Johns Premium Steakhouse, Inc., to operate a new restaurant. The restaurant will be a first-time business venture for John, who recently retired after 30...
-
Collettes S corporation holds a small amount of accumulated earnings and profits (AEP), requiring the use of a more complex set of distribution rules. Collettes accountant tells her that this AEP...
-
For each of the following independent statements, indicate whether the transaction will increase (+), decrease (), or have no effect (NE) on the basis of a shareholders stock in an S corporation. a....
-
Gerry Co. has a gross profit of $1,200,000 and depreciation expense of $400,000. Selling and administrative expense is $250,000. Given that the tax rate is 21 percent, compute the cash flow from...
-
Calculate the clean price of a 5.4% semi-annual payment, 20-year bond, that was issued 5 years ago, if the current market rate on a similar bond is 2.5%. Rounded to 2 decimal places.
-
Company X is a medium-sized manufacturing company that has been operating for the past five years. The company produces electronic gadgets and has experienced steady growth during this period. To...
Study smarter with the SolutionInn App