Question: Please answer 6 , 7 and problem 1 thank you! for accounting 6. 7. Rocket Company received an order from a customer for $3,000,000. The

6. 7. Rocket Company received an order from a customer for $3,000,000.

Please answer 6,7 and problem 1 thank you! for accounting
The $1,000,000 down-payment from the customer should be recorded as revenue before

6. 7. Rocket Company received an order from a customer for $3,000,000. The $1,000,000 down-payment from the customer should be recorded as revenue before shipping the inventory. a. True. b. False. Claims against resources are broken into two categories: liabilities and shareholders' equity. a. True. b. False. Problem 1 Classification - Please indicate with an X in the correct column for each of the following items whether they would be reported on the balance sheet or the income statement. (1/2 point per item.) Item Amortization Franchise Research and development costs Accumulated other comprehensive income Income from continuing operations Balance Sheet Income Statement

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