On December 1,2010,Commonwealth Industries Received a $10,000 Deposit from a Customer

question 32

Multiple Choice

On December 1,2010,Commonwealth Industries received a $10,000 deposit from a customer for a special order of merchandise to be manufactured and shipped in February,2011.Commonwealth made the following journal entry on December 1,2010: The financial statements dated December 31,2010,would be:

• A)correctly stated
• B)in error,understating liabilities and overstating assets
• C)in error,overstating net income and understating liabilities
• D)in error,understating net income and understating stockholders' equity

Demonstrate knowledge of proper techniques in administering enemas and bowel preparations.

Recognize signs indicating the completion of bowel preparation for diagnostic procedures.

Identify the effects of major intestinal surgeries on bowel function.

Educate patients on the care and management of ostomies and the ability to recognize and address related complications.

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Definitions:

Insurance Expense

The cost allocated to a period for holding insurance policies, protecting against various risks.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period of time, resulting in a net income or loss.

Salaries Expense

The total amount paid to employees for services rendered during a specific period, recorded as an expense in financial statements.

Salaries Payable

A liability account that records the amounts owed to employees for work performed but not yet paid.