TThe payment of a current liability will: A. decrease net income, B. decrease working capital, C. increase

Fantastic news! We've Found the answer you've been seeking!

Question:

TThe payment of a current liability will:

A. decrease net income,

B. decrease working capital,

C. increase working capital,

D. not affect working capital. I picked

E. decrease working capital. Am I correct?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

See More Books

Posted Date: Aug 12, 2022 05:33 AM

See More Questions

Will foreign direct investment increase or decrease in the current decade? Why?
A says "I am not the spy," B says "I am not the spy," and C says "I am not the spy." Exercises 32-38 are puzzles that can be solved by translating statements into logical expressions and reasoning...
I am a marketing agency. My newly employee is working for me on a project. What are the Journal entries required for record revenue, incentive payment, and payroll for the following: Property 1: -...
Identify a true statement about the rational and emotional aspects of leadership. Multiple choice question. Leadership is not about the rational or emotional sides of human experience Leadership...
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2011, the records indicate the following data: Required: Use the retail method to approximate cost of ending...
A block of material has a mass of 130 kg and a volume of 4.6 10-2 m3. The material has a specific heat capacity and coefficient of volume expansion, respectively, of 750 J / (kg Co) and 6.4 10-5...
A contingency table containing observed values has four rows and five columns. The value of the chi-square statistic for testing independence is 22.87. Is H0 rejected at the = 0.05 level?
Polly Company purchased three buildings. Polly has assembled the following market data, based on commercial real estate sales in the area in the past six months, which can be used to indirectly...
1999 CHERRY HILLS SUBDIVISION LANDSLIDE On the night of August 3, 1999, a massive landslide occurred in Cherry Hills subdivision in Antipolo City, Rizal province, Philippines that resulted to about...
Ralph and Kathy Gump are married with one 20-year-old dependent child. Ralph earns a total of $98,000 and estimates their itemized deductions to be $28,500 for the year. Kathy is not employed. Use...
Definitions of the key terms such as Corporate Social Responsibility (CSR) and Diversity/Equity/Inclusion (DEI) and other background information you care to share explaining the importance of the two...
Subtract and simplify: 5x-6x+2-(-2-x+2x)
Briefly discuss three finance concepts that you have acquired from FINC20018 managerial finance and the usefulness in assisting your financial decision making either in your personal life or family...
You are considering buying a condo in Boston for $950000. You plan to make a down payment of $95000 and finance $855000 with a 25 year loan. If the interest rate is 5.25%, what is the monthly...
What elements of the fraud triangle were present in this case? Identify each of these elements and use specific examples of Rita Crundwell's actions to distinguish them. Identify some of the red...
Do you think that Corporation Excellence is based on Ethical Business Behaviour? Critically explain with suitable examples in present scenario.
In a situation analysis, a firm that analyzes competition and sociocultural trends is most likely examining its Question 7 options: internal environment. external environment. mission statement....
On August 31, 2012, the balances of the accounts appearing in the ledger of Wood Interiors Company, a furniture wholesaler, are as follows:Prepare the August 31, 2012, closing entries for Wood...
Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million) and regular tax liability of $49,550 for 2012. The corporation also has tax...
Fisafolia Corporation has gross income from operations of $220,000 and operating expenses of $160,000 for 2012. The corporation also has $20,000 in dividends from publicly traded domestic...
How much of each of the following prizes or awards is taxable? a. Cheline received a $50,000 gift bag at the Oscars in 2012. b. Jon received a gold watch worth $350 for 25 years of service to his...
Using the online code for the example in this chapter as a starting point and the solution from a previous exercise. 1. Implement (or modify your previous) Student: :DropCourse (). When a student...
Using the Adapter examples found in this chapter, create a program as follows: 1. Implement a Citizen Data Base that stores various types of Humanoid instances (Orkan, Romulan, Earthling, and perhaps...
Using the solution from a previous exercise, augment your code as follows: 1. Implement the Factory Method pattern to create various shapes. You will have already created an abstract base class of...

TThe payment of a current liability will: A. decrease net income, B. decrease working capital, C. increase

Question:

Expert Answer:

Journal entry would be Current liability acDr To Cash ... View the full answer

Income Tax Fundamentals 2013

Students also viewed these accounting questions