Knowledge check 01 delta company performed $20,000 of services on account and recorded the amount due as a typical account receivable. over time, it became apparent that the customer would not be able to pay quickly, so delta required the customer to sign a six-month, 11 percent promissory note on february 1, year 2. the company then reclassified the existing account receivable as a note receivable. which of the following will result from this action? a. both assets and liabilities decreaseb. both assets and revenues decrease c. revenues decrease and liabilities increase d. no impact on the accounting equation

Exercise 4-6 the following balances were taken from the books of alonzo corp. on december 31, 2017. interest revenue $86,000 accumulated depreciation—equipment $40,000 cash 51,000 accumulated depreciation—buildings 28,000 sales revenue 1,380,000 notes receivable 155,000 accounts receivable 150,000 selling expenses 194,000 prepaid insurance 20,000 accounts payable 170,000 sales returns and allowances 150,000 bonds payable 100,000 allowance for doubtful accounts 7,000 administrative and general expenses 97,000 sales discounts 45,000 accrued liabilities 32,000 land 100,000 interest expense 60,000 equipment 200,000 notes payable 100,000 buildings 140,000 loss from earthquake damage 150,000 cost of goods sold 621,000 common stock 500,000 retained earnings 21,000 assume the total effective tax rate on all items is 34%. prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (round earnings per share to 2 decimal places, e. g. 1.48.)

Cynthia is a hospitality worker in the lodging industry who prefers to cater to small groups of people. she might want to open a

Mbo works by objectives moving through the organization; that is, top managers set general organizational objectives, which are translated into divisional objectives, which are translated into departmental objectives. the hierarchy ends in individual objectives set by each employee. this is an example of mbo working as objectives through the organization.