Trimester Corporation's Revenue for the Year Ended December 31,20X8,was as Follows

question 28

Multiple Choice

Trimester Corporation's revenue for the year ended December 31,20X8,was as follows: Trimester has a reportable operating segment if that segment's revenue exceeds:

• A) $65,500
• B) $60,000
• C) $64,500
• D) $61,000

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Definitions:

Accounts Payable

Liabilities owed by a business to its suppliers or creditors for goods or services received but not yet paid for.

T-account

A graphical representation of a general ledger account that outlines the effects of transactions on account balances.

Debit

An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet.

Credit

A financial agreement where a borrower receives something of value now and agrees to repay the lender at a later date, often with interest.