Accumulated Depreciation,Accounts Receivable and Service Fees Earned Would Be Sorted

question 225

Multiple Choice

Accumulated Depreciation,Accounts Receivable and Service Fees Earned would be sorted to which respective columns in completing a work sheet?

• A)Balance Sheet-Credit; Balance Sheet Debit; and Income Statement-Credit
• B)Balance Sheet-Debit; Balance Sheet and Income Statement-Credit
• C)Income Statement-Debit; Balance Sheet-Debit; and Income Statement-Credit
• D)Income Statement-Debit; Income Statement-Debit; and Balance Sheet-Credit
• E)Balance Sheet-Credit; Income Statement-Debit; and Income Statement-Credit

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Definitions:

Calendar Time

The concept of time as measured by calendar units, such as days, months, and years, used in planning and scheduling.

Long Run

An economic phase where all elements of production and expenses can fluctuate, enabling complete adaptation to any alterations.

Normal Profit

The minimum profit necessary for a company to remain competitive in the market, equating to the opportunity cost of capital and resources.

Implicit Costs

Indirect expenses that do not involve a direct cash outlay but represent an opportunity cost, such as using resources for one purpose over another.