Identify whether the following items would be reported on the income statement or balance sheet. 1. Cash 2. Service Revenue 3. Notes Payable 4. Interest Expense 5. Accounts Receivable

Sharry is interested in buying her first home. Currently her monthly gross income is $3,000. From this she makes a car payment of $240, a personal loan payment of $300 and a student loan payment of $85.

Determine the average hourly cost of running the muffler shop if the cost of customer waiting time, in terms of customer dissatisfaction and lost goodwill, is $12 per hour of time spent waiting in line, and the mechanic is paid $8 per hour.

Consider a bond with the following characteristics. Par: $1,000 Two coupon payments per year (i. e., coupons are paid semi-annually) Coupon rate: 6.

Discuss the principle of professionalism and ethics

Porter Resources Company acquired a tract of land containing an extractable natural resource. Porter is required by its purchase contract to restore the land to a condition suitable for recreational use after it has extracted the natural resource.

Rules of Debit and CreditThe following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit.

Around which latitude (s) would you expect to find rainforests, and why? (you may enter up to 150 characters.)

An investor would like to invest $60,000 in two stocks from a list of six suggested by a broker. how many investments are possible if the investor wants to invest $50,000 in one stock and the rest in another

Hubbard Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During January, the kennel budgeted for 2,100 tenant-days, but its actual level of activity was 2,060 tenant-days.

Explain how to determine gross profit on an income statement by selecting the correct statement below. Cost of goods sold is added to net sales. Cost of goods sold is added to sales discounts. Sales is subtracted from cost of goods sold.