Charles owns a business with two separate departments. Department A produces $100,000 of income and Department B incurs a $60,000 loss. Charles participates for 550 hours in Department A and 100 hours in Department B. He has full-time employees in both departments.

a. If Charles elects to treat both departments as a single activity, he cannot offset the $60,000 loss against the $100,000 income.
b. Charles may not treat Department A and Department B as separate activities because they are parts of one business.
c. If Charles elects to treat the two departments as separate activities, he can offset the $60,000 loss against the $100,000 income.
d. If Charles elects to treat both departments as a single activity, he can offset the $60,000 loss against the $100,000 income.
e. None of the above.

What is the most important factor that affects the value of a company? a) cash flow b) earnings c) supply and demand d) number of employees

Choose the best term for each definitionexpense, liability, monetary asset, statement of financial position, tangible asset, net worth, market value, investment asset, income, assetitems of monetary value a person or household ownsmoney spentmoney receivedfinancial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the futurea debt or obligation owed to othersthe amount you could realistically sell an asset forassets that can be quickly and easily converted into casha measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to othersa financial statement that describes an individual or family's financial condition on a specified date by showing assets, liabilities, and net worthpersonal property that was purchased to create a lifestyle or improve your life

At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. required: a. journalize the adjusting entry to record the accrued fees on december 31. refer to the chart of accounts for exact wording of account titles. b. if the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?