Salvage value was ignored when originally calculating the units-of-production depreciation. this error would cause a. the period’s net income to be overstated. b. the period’s net income to be understated. c. the period end assets to be overstated. d. none of the above

In its first year of operations, crane company recognized $31,700 in service revenue, $7,700 of which was on account and still outstanding at year-end. the remaining $24,000 was received in cash from customers. the company incurred operating expenses of $16,600. of these expenses, $12,690 were paid in cash; $3,910 was still owed on account at year-end. in addition, crane prepaid $3,260 for insurance coverage that would not be used until the second year of operations.

Grace period is a period of time before the credit card company starts charging late fees.truefalse

Asmartphone manufacturing company uses social media to achieve different business objectives. match each social media activity of the company to the objective it the company achieve.