Question: Which statement is most correct about a business that has neither accounts payable or accounts receivable on their balance sheet? They have not yet received

Which statement is most correct about a business that has neither accounts payable or accounts receivable on their balance sheet?
They have not yet received a shipment of inventory
Revenue and net profits are equal
They always pay their bills within 30 days
They are using cash-based accounting
Which statement is most correct about a business

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

I want to buy monthly membership but i cant find a solution to my document? can you tell me if the solutions are on this website? Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17...

Q:

Marco Polo sells outdoor sporting equipment. You have been working for the company since its inception a few years ago and have been promoted to be their accounting manager. They use the perpetual...

Q:

I need help making a post closing trial balance from those transactions AutoSave OFF A Svor Group Project 1 Part B-- Spring 2020_for distribution Home Insert Draw Page Layout Formulas Data Review...

Q:

Their are 4 pictures attached. 1. Product costs are expensed as cost of goods sold: A) when production is complete. B) at the start of production. C) when the related products are sold. D) when the...

Q:

Year 1 Transactions for Adomain Date January 1 Purchased a patent for $32,000 in cash March 15 Paid $18.500 in cash for long-term assets April 1 Prepaid $36,000 for rent for the next 12 months and...

Q:

need detailed calculation and steps The current assets and current liabilities sections of the statement of financial position of Marigold Corp. are as follows: MARIGOLD CORP Statement of Financial...

Q:

Please provide correct answer for income tax on budgeted income statement. Please provide correct answers for income taxes payable and retained earnings on the budgeted balance sheet. All other...

Q:

CHAPTER3 MANAGING FINANCIAL HEALTH AND PERFORMANCE 101 Made payments of $225,000 to its raw materials suppliers. Paid rent expenses totaling $43,000. Paid insurance expenses totaling $23,000 Paid...

Q:

Exercises CHAPTER 2 A list of accounts and their balances at a specific time Used to decrease the balance in an asset account A list of all of a company's accounts An accounting record where...

Q:

At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $8,300 2,300 7,800 2,800 During 2018, the company experienced the...

Q:

let 10) and 11) denote the normalised eigen states Corresponding to the ground of 1st excited state of a 1-Dim Harmonic oscillator. The uncertainty p in the state 1/2 (10>+11>) is:

Q:

Identify a situation from your job or daily life that could be described by a linear model. Why is it linear? Select variables and write your model in slope-intercept as well as point-slope forms....

Q:

Which of the following would normally be suitable for a prospective policyowner interested in the guaranteed death benefits but eager for increased cash vatue accumulation? Declared - rate universal...

Q:

Identify and analyze at least two considerations to ensure effective transaction transparency of Centralized database management systems and Distributed Database management systems. Identify...